About Keystone Realtors Limited

Keystone Realtors Limited, widely recognised under the Rustomjee brand, is a Mumbai-based real estate developer incorporated in 1995. The Company is engaged primarily in real estate construction, development, and allied activities across India, with its registered office located in Andheri East, Mumbai. Over nearly three decades, Rustomjee has established itself as a leading developer in the Mumbai Metropolitan Region (MMR), focusing on premium gated communities, integrated townships, high-rise towers, and large-scale redevelopment projects within densely urban and suburban micro-markets.

Rustomjee’s core activities include residential, commercial, and mixed-use developments, with a growing emphasis on townships and community-centric projects that integrate lifestyle amenities and social infrastructure. The brand is also a significant participant in slum rehabilitation and urban renewal initiatives, contributing to inclusive housing solutions within the MMR’s evolving cityscape. As of March 31, 2025, Keystone Realtors had delivered over 26 million square feet with more than 17,000 homes and maintains an ongoing and planned development pipeline exceeding 40 million square feet. Operations are entirely domestic, with activities concentrated within India and no international operations.

As of March 31, 2025, the Company had 55 subsidiaries (including 3 LLPs), 2 associate companies, and 5 joint ventures. This structure supports a diversified portfolio of real estate developments managed under various special-purpose vehicles. Notable milestones in the Company’s journey include its initial public offering (IPO) in 2022, subsequent strategic partnerships, and an increasing portfolio of luxury, mid-segment, and redevelopment-led projects.

Key Milestones of Keystone Realtors Limited

• 1995–1996: Incorporated and launched first residential development.
• 2001: Entered the luxury segment with the “9 JVPD” project at Juhu.
• 2005–2007: Developed major integrated townships including “Urbania” at Thane and “Global City” at Virar; launched redevelopment project “Elita” at Andheri West.
• 2010–2013: Completed prominent redevelopment projects such as “Oriana” and “Seasons” in Bandra East; launched “Elements” at Juhu/Andheri.
• 2018: Signed development management agreement for “Crown” at Prabhadevi; 2020 marked a strategic partnership with Keppel (Lipalton Pte. Ltd.).
• 2022: Listed on Indian stock exchanges through IPO.
• 2024: Forayed into plotted development with “Rustomjee Belle Vue” at Kasara, expanding into new sub-market categories.

Keystone Realtors Limited Business Verticals and Geographic Presence 

Business Verticals:

• Real estate development, including residential, commercial, mixed-use, and township projects.
• Redevelopment projects under Mumbai’s urban renewal and slum rehabilitation programmes.
• Allied activities related to property management, sales, and construction services.

Geographic Presence:

• Core focus limited to India, specifically the Mumbai Metropolitan Region (MMR).
• Active development clusters across Bandra, Prabhadevi, Juhu, Andheri, Thane, Virar, Dombivli, and Kasara.
• Registered corporate presence through three offices within India and no international footprint.

Keystone Realtors Limited Key Management

• Mr. Boman Irani – Chairman & Managing Director
• Mr. Chandresh Mehta – Executive Director
• Mr. Percy Chowdhry – Executive Director
• Mr. Ramesh Tainwala – Non-Executive Independent Director
• Mr. Rahul Divan – Non-Executive Independent Director
• Ms. Seema Mohapatra – Non-Executive Independent Director
• Mr. Sajal Gupta – Chief Financial Officer
• Mr. Bimal K. Nanda – Company Secretary & Compliance Officer

Latest Updates on Keystone Realtors Limited

• Qualified Institutional Placement (QIP): On May 27, 2024, the Company raised Rs 800 crore through a Qualified Institutional Placement following shareholder approvals, strengthening its balance sheet and funding ongoing developments.
• Amalgamation: The National Company Law Tribunal (NCLT), Mumbai Bench, approved the Scheme of Amalgamation of Key Fortune Relators Private Limited with Keystone Realtors Limited on February 19, 2025; the scheme became effective April 2025.
• New Project Launches (FY 2024–25): Significant project launches include Rustomjee 180 Bayview (Matunga West), Rustomjee Belle Vue (Kasara Hills), Verdant Vistas A&B (Thane West), Rustomjee Prive (Bandra East), Rustomjee Ocean Vista (Versova, Andheri West), and Urban Woods Phase-1 (Dombivli).
• Strategic and operational focus: The Company reported record pre-sales, robust liquidity, and continued emphasis on its asset-light, redevelopment-driven business model focused within the MMR in FY 2024–25.
• Geographic footprint: MMR presence reinforced with strong brand positioning across Bandra, Prabhadevi, Juhu, Andheri, Thane, Virar, Dombivli, and Kasara, with diversified market offerings from ultra-premium to affordable segments.