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Boman Irani of Rustomjee Group affirms Mumbai’s real estate is thriving with no signs of slowdown, backed by solid data and surging buyer demand.

Mumbai’s Realty Boom Defies Slowdown Talks, Says Rustomjee’s CMD

Boman Irani of Rustomjee Group affirms Mumbai’s real estate is thriving with no signs of slowdown, backed by solid data and surging buyer demand.

A Confident Pulse in Mumbai’s Realty Landscape
Amidst murmurs of a possible dip in India’s real estate sector, one of the industry’s most prominent voices has stepped forward to quiet the noise.

Boman Irani, Chairman and Managing Director of Keystone Realtors Ltd (Rustomjee Group), confidently dismissed the notion of a slowdown, especially in Mumbai. Speaking to NDTV Profit, Irani made it clear: the numbers don’t lie—and they’re telling a story of strong, sustained growth.

“While the market is speaking of a little bit of a slowdown, I don’t see it anywhere in the data. There is a lot of noise around it, but it’s not reflected in the numbers,” he said.

Data Over Doubt: Why Mumbai Stands Tall
In the Mumbai Metropolitan Region (MMR), Irani highlighted that the inventory overhang—a key metric indicating the time required to sell the current inventory—is currently around 16 months, significantly below the ideal benchmark of 24 months. This underlines robust demand and active buyer interest in the region.

“One shouldn’t paint the entire city with the same brush,” Irani emphasized, pointing to micro-markets that may show signs of oversupply, but don’t reflect the citywide trend.

This real estate trend aligns with rising statutory collections and increased momentum driven by the Maharashtra Government’s infrastructure push.

Keystone’s Growth Ambitions: From ₹3,000 Cr to ₹4,000 Cr
Riding on this wave of optimism, Keystone Realtors is ramping up its investment in construction, setting its sights on ₹4,000 crore in pre-sales for FY2026, after exceeding its ₹3,000 crore guidance for FY2025.

“The ₹4,000 crore goal isn’t plucked from thin air. It’s backed by solid data and project pipelines,” Irani stated.

Price Pressures, Affordability Challenges, and Policy Gaps
Despite strong sales, challenges remain—particularly in the affordable housing segment. Irani flagged the ₹45 lakh price cap that determines eligibility for GST benefits, calling it outdated and urging policymakers to adopt size-based norms, akin to global real estate standards.

He also spoke about the recent ready reckoner rate hike in Maharashtra—implemented after three years—which, while fair, still relies on unrealistic assumptions about construction costs, thereby inflating development premiums.

“There’s an urgent need for the government and BMC to re-evaluate these rates to better support housing affordability,” he stressed.

What Lies Ahead: Price Appreciation in Sync with Inflation
Construction costs, Irani noted, are growing at a rate of 5–7% annually, compounded by increasing regulatory premiums and compliance burdens. Despite this, he expects property price appreciation to continue steadily, in line with inflation trends, ensuring long-term value for both buyers and developers.

Conclusion: Data-Driven Optimism Fuels Mumbai Real Estate
Irani’s perspective stands in contrast to the cautious sentiment seen in certain pockets of the market. His data-backed confidence paints a picture of a city still thriving, resilient, and poised for further growth—especially as infrastructure improves and buyer demand remains strong.

If you're eyeing Mumbai real estate, the message is clear: the slowdown is more fiction than fact.

Mumbai’s Realty Boom Defies Slowdown Talks, Says Rustomjee’s CMD


<p><b>Boman Irani</b> of <a href = "https://www.rustomjee.com/">Rustomjee Group</a> affirms Mumbai’s real estate is thriving with no signs of slowdown, backed by solid data and surging buyer demand.</p>

<h2>A Confident Pulse in Mumbai’s Realty Landscape</h2>
<p>Amidst murmurs of a possible dip in India’s real estate sector, one of the industry’s most prominent voices has stepped forward to quiet the noise.</p>

<p>Boman Irani, Chairman and Managing Director of Keystone Realtors Ltd (Rustomjee Group), confidently dismissed the notion of a slowdown, especially in Mumbai. Speaking to NDTV Profit, Irani made it clear: the numbers don’t lie—and they’re telling a story of strong, sustained growth.</p>

<p><i>“While the market is speaking of a little bit of a slowdown, I don’t see it anywhere in the data. There is a lot of noise around it, but it’s not reflected in the numbers,” he said.</i></p>

<h2>Data Over Doubt: Why Mumbai Stands Tall</h2>
<p>In the Mumbai Metropolitan Region (MMR), Irani highlighted that the inventory overhang—a key metric indicating the time required to sell the current inventory—is currently around 16 months, significantly below the ideal benchmark of 24 months. This underlines robust demand and active buyer interest in the region.</p>

<p>“One shouldn’t paint the entire city with the same brush,” Irani emphasized, pointing to micro-markets that may show signs of oversupply, but don’t reflect the citywide trend.</p>

<p>This real estate trend aligns with rising statutory collections and increased momentum driven by the Maharashtra Government’s infrastructure push.</p>

<h2>Keystone’s Growth Ambitions: From <b>₹3,000 Cr</b> to <b>₹4,000 Cr</b></h2>
<p>Riding on this wave of optimism, Keystone Realtors is ramping up its investment in construction, setting its sights on <b>₹4,000 crore</b> in pre-sales for FY2026, after exceeding its <b>₹3,000 crore</b> guidance for FY2025.</p>

<p>“The <b>₹4,000 crore</b> goal isn’t plucked from thin air. It’s backed by solid data and project pipelines,” Irani stated.</p>

<h2>Price Pressures, Affordability Challenges, and Policy Gaps</h2>
<p>Despite strong sales, challenges remain—particularly in the affordable housing segment. Irani flagged the <b>₹45 lakh</b> price cap that determines eligibility for GST benefits, calling it outdated and urging policymakers to adopt size-based norms, akin to global real estate standards.</p>

<p>He also spoke about the recent ready reckoner rate hike in Maharashtra—implemented after three years—which, while fair, still relies on unrealistic assumptions about construction costs, thereby inflating development premiums.</p>

<p>“There’s an urgent need for the government and BMC to re-evaluate these rates to better support housing affordability,” he stressed.</p>

<h2>What Lies Ahead: Price Appreciation in Sync with Inflation</h2>
<p>Construction costs, Irani noted, are growing at a rate of 5–7% annually, compounded by increasing regulatory premiums and compliance burdens. Despite this, he expects property price appreciation to continue steadily, in line with inflation trends, ensuring long-term value for both buyers and developers.</p>

<h2>Conclusion: Data-Driven Optimism Fuels Mumbai Real Estate</h2>
<p>Irani’s perspective stands in contrast to the cautious sentiment seen in certain pockets of the market. His data-backed confidence paints a picture of a city still thriving, resilient, and poised for further growth—especially as infrastructure improves and buyer demand remains strong.</p>

<p>If you're eyeing Mumbai real estate, the message is clear: the slowdown is more fiction than fact.</p>


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Boman Irani of Rustomjee Group affirms Mumbai’s real estate is thriving with no signs of slowdown, backed by solid data and surging buyer demand..

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https://www.aurumproptech.in/pulse/media/mumbai-real-estate-boom-boman-irani-rustomjee-insight