Rustomjee’s premium pipeline represents 93% of residential GDV

Rustomjee’s forthcoming residential pipeline was weighted toward Premium and Emerging Premium projects as of September 30, 2026, with 14 projects carrying estimated gross development value (GDV) of Rs 33,873 crore, about 93% of the Rs 36,339 crore residential total. The full forthcoming portfolio comprised 19 projects with Rs 40,794 crore of estimated GDV.

What does Rustomjee’s 93% premium-pipeline figure measure?

Rustomjee’s 93% figure measures the estimated GDV contribution of its Premium and Emerging Premium residential categories, rather than their share of project count or saleable area. Premium projects account for Rs 16,772 crore of estimated GDV and Emerging Premium projects add Rs 17,101 crore, producing a combined Rs 33,873 crore against the Rs 36,339 crore residential pipeline disclosed on September 30, 2026.

The presentation describes Premium and Emerging Premium as representing about 93% of the forthcoming residential portfolio. Based on disclosed GDV, the two categories represent about 93.2% of residential GDV and account for 14 of the 18 residential projects. Their 16.21 million square feet of saleable area equals about 83% of the 19.50 million-square-foot residential total, indicating that the 93% figure aligns with value rather than area.

How is Rustomjee’s forthcoming project pipeline divided by category?

Rustomjee’s 19 forthcoming projects comprise 18 residential projects and one commercial project, with the commercial scheme adding Rs 4,455 crore of estimated GDV. Premium housing has six projects and 6.59 million square feet of saleable area, while Emerging Premium has eight projects and 9.62 million square feet. Mass Market has four projects and 3.29 million square feet.

Rustomjee’s largest forthcoming residential project by disclosed saleable area is Thane Residential, an Emerging Premium scheme with 3.61 million square feet. The Premium portfolio includes GTB Nagar Cluster at 3.44 million square feet, while the 2.74-million-square-foot Enticer - Thane Commercial is the sole commercial project. The presentation also identifies a further 2.6 million square feet at Vihar to be launched under a joint development agreement (JDA) with multiple developers, over and above the listed 22.24 million square feet.

How does Rustomjee’s forthcoming mix compare with ongoing projects?

Rustomjee’s forthcoming residential pipeline is more concentrated in Premium and Emerging Premium categories than its ongoing residential portfolio by estimated GDV. Ongoing Premium and Emerging Premium projects had combined GDV of Rs 7,919 crore, or about 46% of the Rs 17,276 crore ongoing residential total, compared with about 93% for the corresponding forthcoming residential GDV.

The ongoing portfolio had 16 residential projects with 7.66 million square feet of saleable area, of which 54% was sold as of September 30, 2026. Its category mix included Luxury projects with Rs 5,135 crore of GDV, Super Premium projects with Rs 3,139 crore, and Mass Market projects with Rs 1,084 crore. In contrast, the forthcoming residential schedule lists no Luxury or Super Premium projects, while Mass Market accounts for Rs 2,466 crore, or about 7%, of forthcoming residential GDV.

Urbania, an ongoing Emerging Premium project, had 2.91 million square feet of total saleable area and Rs 2,330 crore of sold value. By comparison, 180 Bayview, an ongoing Premium project launched in Q1FY25, had 0.48 million square feet and Rs 1,020 crore of sold value. The forthcoming figures are estimates of GDV and completion cost, rather than sales already contracted or collected.

What potential cash flows are attached to Rustomjee’s pipeline?

Rustomjee’s presentation puts total projected incremental balance cash flows from completed, ongoing and forthcoming projects at Rs 24,318 crore. Forthcoming projects account for Rs 14,929 crore of that disclosed balance cash flow, compared with Rs 9,023 crore for ongoing projects and Rs 366 crore for completed projects.

For forthcoming schemes, the Rs 40,794 crore shown as receivables consists of unsold inventory because sold receivables are listed as zero. The disclosed Rs 25,866 crore cost to complete represents estimated hard costs for land, construction, floor space index (FSI) and approvals. The presentation separately states that sales and marketing, human resources and administration costs are about 10% of sales, and estimates other equity partners’ share in forthcoming-project net surplus at Rs 1,150 crore.

Rustomjee added two projects in year-to-date FY27 with combined estimated GDV of Rs 547 crore. Dindoshi Nagar Cluster, an Emerging Premium redevelopment in Goregaon East acquired in Q1FY27, had Rs 160 crore of estimated GDV and was marked as “DA Done”; the Igatpuri plotted development was a Rs 387 crore Mass Market addition with its agreement completed. These additions are smaller than the listed Rs 40,794 crore forthcoming portfolio and were described as supporting the next launch cycle.

Conclusion

Rustomjee’s disclosed future supply is concentrated by value in Premium and Emerging Premium housing, with Rs 33,873 crore of estimated GDV across 14 projects, compared with Rs 2,466 crore in four Mass Market projects. This differs from the ongoing residential mix, where the same two categories account for about 46% of Rs 17,276 crore in estimated GDV and Luxury and Super Premium schemes remain material contributors.

The next issue to watch is the movement from listed pipeline to launches, sales and collections. The presentation identifies 19.50 million square feet of forthcoming residential area, the additional 2.6 million-square-foot Vihar JDA opportunity, and Rs 14,929 crore of projected balance cash flow from forthcoming projects, but does not disclose individual launch dates for the listed forthcoming schemes.