Rustomjee's Strategic Vision for Mumbai's Premium Housing Market
Boman Irani, the sharp CMD of Mumbai-based Keystone Realtors Ltd, known as Rustomjee Group, has taken a bold step in Mumbai's changing real estate scene. He's focusing on the ₹5 crore apartment market while holding onto what he calls his "darling" - the ₹1 crore to ₹3 crore market.
The Sweet Spot Strategy
The seasoned real estate leader sees the ₹3.5 crore to ₹5 crore bracket as Mumbai's current sweet spot, where strong buyer interest meets limited supply. This segment fulfills the dreams of Mumbai's wealthy middle-class buyers.
"My big bet is on the ₹5 crore sweet spot, which I see as a steadily growing market in Mumbai," Irani explains, while stressing that the ₹1 crore to ₹3 crore range will "always be the darling".
Market Dynamics and Demand Patterns
Mumbai's real estate market shows a fascinating paradox. While demand in the mid-mass and aspirational segment from ₹1 crore to ₹7 crore stays strong, supply struggles to catch up. This imbalance opens doors for developers who can read market signals well.
Irani describes the Mumbai Metropolitan Region as "eight to nine markets in one," each with different sizes, price points, and buyer needs. This variety calls for strategic precision instead of a one-size-fits-all approach.
Expansion Beyond Mumbai
The Rustomjee Group isn't just looking at Mumbai. The company is checking out two potential land parcels of around 100 acres for township projects in Pune, showing a careful expansion plan.
Also, the group announced three big redevelopment projects during Q1 FY26: GTB Nagar, Lokhandwala Cluster, and Swarganga CHSL, adding up to 3.25 million square feet of saleable area with a gross development value of ₹7,727 crore.