Rustomjee's launch-free quarter halves pre-sales; the MMR pipeline now carries the year

Keystone Realtors, which builds under the Rustomjee brand, reported pre-sales of ₹617 crore for April–June, down 42 per cent from ₹1,068 crore a year earlier. The company launched no new project during the quarter, so sales came entirely from ongoing inventory. Collections rose 4 per cent to ₹599 crore.

Management framed it as phasing rather than demand. Chairman Boman Irani called the quarter a steady start and pointed to a pipeline of launches across the MMR in the coming quarters — plus two newly added projects with about ₹713 crore of gross development value — to support full-year pre-sales guidance of around ₹5,000 crore.

The quarter illustrates a structural feature of listed-developer results: launch-day sales now account for a large share of bookings, so a quarter without launches swings pre-sales sharply. The pattern is visible across several developers this results season.

For MMR watchers, Rustomjee's calendar is worth tracking because the company is concentrated in Mumbai and Thane with a redevelopment-heavy pipeline. Whether the second-half launch run lands on schedule will say something about premium supply in the region going into the rest of FY27.