Rustomjee plans Rs 8,000 crore FY27 launches across 5.18m sq ft

Rustomjee plans to launch about Rs 8,000 crore of gross development value in FY27 across 5.18 million square feet of saleable area, with GTB Nagar Phase 1 in Sion the largest listed project at 1.25 million square feet. The schedule contains eight projects across residential, commercial and cluster-redevelopment locations.

What is Rustomjee's FY27 launch pipeline?

Rustomjee's FY27 launch pipeline consists of eight listed projects with 5.18 million square feet of saleable area and estimated gross development value, or GDV, of about Rs 8,000 crore. The projects span Dombivli, Versova, Thane (W), Prabhadevi, Malad (W), Sion, Goregaon (E) and Andheri (E), covering mass-market, premium, emerging-premium and commercial categories.

The stated FY27 pipeline includes projects already launched or advanced during the year. Rustomjee launched Rustomjee Ozone Skye at Malad (W) in Q2FY27, commenced construction on the 25HQ commercial project in Prabhadevi in Q2FY27, and disclosed that one Urbania tower was launched in Q3FY27 with GDV of Rs 886 crore. The Rs 8,000 crore estimate therefore describes the company's FY27 launch programme rather than only projects awaiting launch.

The 5.18 million-square-foot FY27 programme is substantially larger than the 0.55 million square feet Rustomjee launched in H1FY27 through Rustomjee Ozone Skye and 25HQ. Those two Q2FY27 launches carried combined estimated GDV of Rs 2,242 crore, while the Q3FY27 Urbania tower disclosure adds Rs 886 crore of GDV without specifying its saleable area.

Which Rustomjee projects make up the FY27 pipeline?

GTB Nagar Phase 1 in Sion is Rustomjee's largest listed FY27 project by saleable area, at 1.25 million square feet in the premium category. Urbania's two towers in Thane (W) follow at 0.98 million square feet, while the Dindoshi Cluster in Goregaon (E) is listed at 0.97 million square feet.

The premium entries are GTB Nagar Phase 1, Avinash Tower and Om Nagar Phase 1, together representing 2.20 million square feet. The three emerging-premium entries, Urbania, Dindoshi Cluster and Ozone Skye Phase 2, total 2.17 million square feet, while Urban Woods contributes 0.50 million square feet in the mass-market category and 25HQ contributes 0.32 million square feet in commercial development.

The list also extends Rustomjee's cluster redevelopment activity. From FY23 through year-to-date FY27, Rustomjee added 27 projects with estimated GDV of about Rs 31,100 crore, of which 21 were redevelopment projects. It identified five cluster redevelopments: GTB Nagar, Lokhandwala, Dindoshi, Om Nagar and Malad (W).

What has Rustomjee launched in FY27 so far?

Rustomjee launched Rustomjee Ozone Skye and 25HQ in Q2FY27 with combined estimated GDV of Rs 2,242 crore and 0.55 million square feet of saleable area. Rustomjee Ozone Skye accounted for Rs 427 crore of GDV and 0.22 million square feet, while 25HQ accounted for Rs 1,815 crore and 0.33 million square feet in the new-project-launches table.

Rustomjee also disclosed the Q3FY27 launch of one Urbania tower with GDV of Rs 886 crore. Its FY27 pipeline table lists Urbania's two towers at 0.98 million square feet, but does not provide a separate area figure for the single Q3FY27 tower, so the presentation does not permit a like-for-like reconciliation of the tower launch to the full Urbania pipeline entry.

Rustomjee reported that Rustomjee Ozone Skye achieved 34% sales within 45 days of its Q2FY27 launch. The Malad (W) project is classified as an emerging-premium own-land development, with a stated Real Estate Regulatory Authority, or RERA, completion date of Dec-31. The presentation does not provide a comparable early-sales percentage for 25HQ or the Urbania tower.

For 25HQ, Rustomjee said construction commencement at Prabhadevi marks a pivot towards securing long-term recurring annuity income. The presentation does not quantify expected rental income, occupancy, leasing milestones or the date on which the commercial project could begin generating annuity income.

How have Rustomjee's launch cohorts converted into sales and collections?

Rustomjee reported that FY24 launches had sold 72% of their GDV by Q2FY27 and collected 60% of GDV sold, the highest proportions among the four disclosed cohorts. FY25 launches had sold 61% of GDV and collected 37% of GDV sold by the same measurement date, lower than the FY24 cohort on both measures.

FY26 launches had sold 27% of GDV and collected 17% of GDV sold by Q2FY27, while the H1FY27 cohort had sold 33% and collected 8%. The presentation gives no project-level collection split for Rustomjee Ozone Skye and 25HQ, but the H1FY27 cohort's 8% collection measure is associated with the most recently launched projects in the comparison.

Rustomjee's launch scale expanded before FY27. GDV from current-year launches rose from Rs 3,000 crore in FY24 to Rs 5,000 crore in FY25 and Rs 9,800 crore in FY26, before Rs 2,242 crore in H1FY27. Cumulatively, Rustomjee reported 26 projects launched from FY23 through year-to-date FY27 with GDV of Rs 20,900 crore.

How do sales and collections provide context for the FY27 plan?

Rustomjee's pre-sales increased to Rs 4,020 crore in FY26 from Rs 3,030 crore in FY25, while area sold rose to 2.12 million square feet from 1.69 million square feet. In H1FY27, pre-sales were Rs 2,040 crore on 0.97 million square feet sold, including Rs 1,420 crore of pre-sales in Q2FY27 versus Rs 620 crore in Q1FY27.

Collections reached Rs 2,620 crore in FY26, up from Rs 2,330 crore in FY25, while H1FY27 collections were Rs 1,140 crore. The H1FY27 total comprised Rs 600 crore in Q1FY27 and Rs 540 crore in Q2FY27, in contrast to pre-sales, which increased between the two quarters.

Rustomjee completed four projects totalling 1.39 million square feet in year-to-date FY27. Rustomjee Ashiana in Juhu was completed in April 2026, 10 months before its February 2027 RERA date, while three Rustomjee LA Familia buildings at Urbania were completed in July 2026, between nine and 15 months before their stated RERA dates.

Conclusion

Rustomjee's FY27 programme combines about Rs 8,000 crore of estimated launch GDV with 5.18 million square feet across eight projects. GTB Nagar Phase 1, Urbania's two towers and the Dindoshi Cluster together account for 3.20 million square feet, while the mix includes premium, emerging-premium, mass-market and commercial development.

The next disclosed milestones are execution of the remaining FY27 launch programme and sales and collection conversion from recently launched projects. Rustomjee has reported 34% sales within 45 days at Rustomjee Ozone Skye, has commenced 25HQ construction, and has disclosed the Q3FY27 launch of an Urbania tower with Rs 886 crore of GDV.