Keystone Realtors Rides Redevelopment Boom: Achieves 46% of FY26 Sales Goal in First Half

Image Source: Free Press Journal

Keystone Realtors posted a robust H1FY26 performance, achieving 46% of its full-year pre-sales target with ₹18.31 billion booked. The Mumbai-based developer launched four projects worth ₹49.16 billion and surpassed its business development guidance with three major redevelopment additions, reaffirming its leadership in the MMR’s redevelopment segment.

Keystone Realtors Limited, operating under the *Rustomjee* brand, showcased a solid operational performance in the first half of FY26, driven by strong pre-sales, steady collections, and a strategic focus on redevelopment projects across Mumbai.

Key Operational Highlights:

Pre-Sales Growth: The company reported pre-sales of ₹7.63 billion in Q2FY26, reflecting a 9% year-on-year rise from ₹7 billion in Q2FY25. For H1FY26, pre-sales surged 40% YoY to ₹18.31 billion, achieving 46% of its FY26 target.
Steady Collections: Collections for Q2FY26 came in at ₹6.01 billion, up 9% from ₹5.52 billion last year, while H1 collections stood at ₹11.77 billion, marking a 13% YoY growth.
New Launches: One new project, Thirty3.15 at Bandra West, with an estimated gross development value (GDV) of ₹9.49 billion, was launched in the quarter. Overall, four projects worth ₹49.16 billion have been rolled out in H1FY26—achieving nearly 70% of full-year launch guidance.
Business Development Milestones: The company added three sizeable redevelopment projects—GTB Nagar (Sion), Lokhandwala Cluster (Andheri West), and Swarganga CHSL (Goregaon East)—together contributing 3.25 million sq ft and an estimated GDV of ₹77.27 billion. These additions have already exceeded the firm’s full-year business development goal.

CMD’s Outlook:

Chairman and Managing Director *Boman Irani* hailed the quarter as another demonstration of Keystone’s disciplined execution and growth consistency. He emphasized the firm’s readiness to leverage strong festive-season demand and its strategic dominance in the redevelopment space—an area that continues to fuel sustained value creation in the MMR region.

Looking Ahead:

With a strong balance sheet, robust project pipeline, and dominant presence in redevelopment, Keystone Realtors is poised to sustain its upward trajectory through FY26, focusing on timely launches and efficient execution to maximize shareholder value.

Sources: Company filing; Business Standard; Economic Times; Moneycontrol.

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