1 week Ago By NDTV Profit News
Keystone Realtors Ltd. aims to achieve Rs 4,000 crore in pre-sales for fiscal 2026, after surpassing its guidance for the previous fiscal, according to Chairman and Managing Director Boman Irani.“We have given guidance of Rs 4,000 crore for FY26.
This number is just not being pulled out of the hat. It is based on data that we have on the projects in the pipeline. We wanted to excel on the number of projects launched in the last year, which we got beat by one, but that’s okay—we can look forward to an exciting first quarter this year itself.
We have already crossed the guidance of Rs 3,000 crore that we gave for FY25,” Irani told NDTV Profit.Responding to concerns about a possible market slowdown, Irani pushed back, stating the data—especially in Mumbai—shows no signs of it.“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 news around it, but it is not reflected anywhere in the numbers.Especially in Mumbai, statutory collections have also been as good or up. The overhang in Mumbai Metropolitan Region area is about 16 months.
Whereas a good overhang or a healthy overhang should be about 24 months, he explained.Affordable Housing Needs Government Support, Says Keystone Realtors’ Boman IraniUndersupply, Irani said, is driving demand—and the Maharashtra government’s infrastructure push has only added fuel to that momentum. Buoyed by this confidence, Keystone is significantly ramping up its construction spend.
“Last year (FY24), we spent Rs 212 crore on construction. This year (FY25), we are spending about Rs 377 crore—that's up 78%. And our target for the coming year is Rs 827 crore.
These are all projects that have received approvals and are set for launch. That speaks volumes about the growth we’re seeing,” he said.Irani pointed out that construction costs are rising 5–7% annually, with additional pressure from escalating premiums and regulatory compliances.
He expects price appreciation to continue in line with inflation.“Having said that, certain markets may soften. When I say markets, I don’t mean home types but locations—because there might be an oversupply in small pockets.
But one should not paint the entire city with one brush. It is very important to keep reading the data,” he emphasised.RBI's Interest Rate Cuts Raise Homebuyers' Hopes, But Banks Hold KeyOn the recent revision in Maharashtra’s ready reckoner rates—the first hike in three years—Irani said the increase was reasonable, but criticised the underlying construction cost assumptions.
“They remain unrealistically low, which in turn keeps development premiums unnecessarily high. I hope the government and BMC re-evaluate these to support affordability,” he said.The top executive also flagged a critical bottleneck in the affordable housing segment—the outdated Rs 45 lakh price cap that qualifies homes for GST benefits.
He called for a shift toward global norms based on size, not price.“An affordable home should be classified only in terms of area—60 meters and 90 meters. That’s the international standard.
But the price cap was set in 2017 at Rs 45 lakh. With inflation, it should be over Rs 75 lakh now. If the government gives us area-based parity, you’ll see a surge, because a 4% change in GST can be a game-changer for that segment,” he said.
Keystone Realtors was trading 0.57% higher at Rs 529 apiece on the NSE at around 2:25 p.m.
In comparison, Nifty 50 was seen trading 1.69% higher at 22,776.35 at the time.
Keystone Realtors Reports 40% Growth In Sale Bookings To Rs 863 Crore In Third Quarter. Read more on Real Estate by NDTV Profit..
