Rustomjee Group plans to launch senior living and plotted development projects: Boman Irani
Boman Irani, chairman and managing director of Keystone Realtors (Rustomjee Group), has said he does not foresee a decline in demand in the Mumbai real estate market despite some areas having experienced a cooling effect. He said that the company plans to expand into Tier 2 cities with senior living and plotted development projects.
The company is preparing to launch a second plotted development project in Kasara, located near Mumbai, he said.
Regarding overall demand in the Mumbai real estate market, Irani emphasized that while some overheated pockets may have slowed, the Mumbai Metropolitan Region (MMR) remains robust.
“I do not see demand slowing down across the board. There may be cooling in specific pockets, but the overall demand is still strong, particularly in around 6-7 key areas,” Irani told HT.com on the sidelines of the New India Summit organized by CREDAI, which focused on Tier-2 and Tier-3 cities in India.
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Senior living project
Irani said that the company is actively discussing with several stakeholders to launch a dedicated senior living real estate project. “I am meeting with potential partners and exploring opportunities, with plans to close one in the coming months. In the next fiscal year, we also aim to launch another plotted development project in Kasara, near Mumbai, following the success of our first project there,” Irani stated.
The CREDAI released a research report earlier this month stating that India’s senior population is expected to more than double from 157 million in 2024 to 346 million by 2050, accounting for over 20.6% of the country’s total population.
The report said this demographic shift highlights the urgent need for a more structured and inclusive approach to senior living, moving beyond traditional care homes.
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The report outlined key policy recommendations, including developer tax incentives, property tax rebates for senior citizens, and rental housing schemes modelled on the Pradhan Mantri Awas Yojana (PMAY) to address the rising demand for senior housing.
Rustomjee Group focuses on Tier-2 cities
According to Irani, the company signed a residential retail project in Nagpur in February 2025, marking its entry into the city’s real estate market.
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“For markets outside the MMR, we’ve signed a residential plus retail project in Nagpur. We’re also planning to expand into smaller cities for senior living projects. With Nagpur, we’re testing the waters outside Mumbai to gain insights, but our primary focus remains on Mumbai and the MMR,” Irani said.
