Possession update
Keystone Realtors completes three Urbania towers in Thane ahead of RERA deadlines
Keystone Realtors Limited, which operates the Rustomjee brand, reported in an 8 October 2026 exchange filing that three RERA-registered towers, La Familia A, B and C at Urbania in Majiwada, Thane West, were completed in the July to September 2026 quarter, six to twelve months ahead of their RERA timelines. The same update reported sales and collections for the quarter, and the figures for the towers' unit counts and occupation certificates were not disclosed.
| Towers completed | La Familia A, B and C at Urbania, Majiwada (Thane West), MMR. Completed in Q2 FY27 per the 8 October 2026 update. |
|---|---|
| Timing against RERA deadlines | 6 to 12 months ahead of stipulated RERA timelines (company update, as reported). |
| Construction area | 1.32 million sq ft across the three towers. Total H1 FY27 RERA completions: four projects, 1.39 million sq ft. |
| H1 FY27 pre-sales | INR 20.41 billion (₹2,041 crore), up 11% from INR 18.39 billion in H1 FY26. |
| Q2 FY27 pre-sales | INR 14.23 billion (₹1,423 crore), up 84% from ₹772 crore in Q2 FY26 as given in 2026 reports. An older Business Standard piece gives ₹760 crore for the same base. |
| Q2 FY27 collections | INR 5.41 billion (₹541 crore), against INR 6.69 billion a year earlier, a fall of about 19%. H1 FY27 collections were ₹1,141 crore, down 8%. |
| FY27 pre-sales guidance | ₹4,500 to 5,000 crore. H1 FY27 sales are about 41% of guidance, per coverage of the update. |
| Share price and market value | Closed at Rs 359.75 on Thursday 8 October 2026, down 5.22%. Market capitalisation Rs 4,544.50 crore on the same day. |
What happened
On 8 October 2026, Keystone Realtors Limited (NSE: RUSTOMJEE) filed a Regulation 30 operational update with the stock exchanges. The update gave provisional figures for the first half and second quarter of FY27 (April to September 2026).
The update said three RERA-registered projects at Urbania, Thane, were completed in Q2 FY27: Rustomjee La Familia A, B and C. Coverage describes the completions as six to twelve months ahead of each project's RERA timeline. No separate press release on the towers was found. The completion appears only in the same filing that reported the quarter's sales.
The project is marketed as Rustomjee Uptown Urbania. It sits in Majiwada, where the Eastern Express Highway enters Thane.
The sales and collections numbers
The update reported pre-sales of ₹1,423 crore in Q2 FY27, up 84% year on year. Area sold in the quarter was 0.65 million sq ft, up 31% from 0.50 million sq ft a year earlier. H1 FY27 pre-sales were ₹2,041 crore, up 11%.
Collections moved the other way. Q2 FY27 collections were ₹541 crore, against ₹669 crore in Q2 FY26. For the half year, collections were ₹1,141 crore, down 8%. In Q1, collections nearly matched pre-sales. In Q2 they were below 40% of pre-sales. Collections arrive as construction milestones are met, so the gap depends on how fast sites progress.
This article uses ₹772 crore for the comparison and attributes it to the 2026 coverage. The collections base of ₹669 crore and INR 6.69 billion is the same figure in different units.
Which towers, and what is documented
The three towers are Rustomjee La Familia A, B and C at Urbania, Majiwada. The RERA registration numbers reported for the wings are Wing A P51700032262, Wing B P51700032205 and Wing C P51700046128. Some third-party pages list different tower-level IDs (A1, B1 and C1), so the registration numbers should be checked on MahaRERA before relying on them.
- Number of flats delivered in the three towers. Sources give 1,132 units, 2,499 units and 782 flats at launch. These cannot be reconciled.
- Occupation certificate dates.
- Any official statement from a regulator or government body on the completions.
Possession dates shown on property portals (December 2026 for Wings A and B, June 2027 for Wing C) are third-party listings, not company or RERA data. Listed configurations are 1, 2, 3 and 4 BHK. Portal price ranges are unverified and are not stated here.
The developer
Keystone Realtors Limited is a Mumbai Metropolitan Region-focused developer with its head office in Andheri East, Mumbai. It was incorporated as Keystone Realtors Private Limited in Mumbai under the Companies Act, 1956, dated 6 November 1995. The company says it has built more than 29 million sq ft and delivered more than 19,000 homes. It holds a dual credit rating of AA- with a Stable outlook.
Urbania is an older township project in Thane. Its completed phases, including Urbania (L & D), are listed among completed developments in the company's 2023-24 annual report. The annual reports give 2005 as the year Urbania was introduced. ICICI Direct gives 2006 for the launch of the Urbania township tower.
Where the project sits
Majiwada is at the junction of the Eastern Express Highway and the Mumbai to Nashik highway corridor. Ghodbunder Road (MH SH-42) starts at Majiwada and runs to the Western Express Highway. Thane railway station is roughly 10 minutes away by road, though estimates.
Metro Line 4 and its extension Line 4A form a 32.3 km elevated line from Wadala to Kasarvadavali. Coverage differs on whether Majiwada has direct metro access. Treat metro access as planned or under construction, not as operational service. Traffic management works at Majiwada Junction are ongoing and are intended to ease peak-hour backups.
No reliable third-party data on local absorption, rents or price trends for Majiwada was found, so this article does not quantify the micro-market.
What it means for buyers
Early completion of the three towers means construction was finished ahead of the RERA timelines. The update does not say what this means for individual buyers' possession dates, handover process or price terms. Buyers who want to confirm their own possession date should check the project's MahaRERA page and their agreement, not third-party portal listings.
No named regulator or official has commented on the impact on buyers.
What it means for investors and the market
The update shows strong sales growth in Q2 alongside weaker collections, which means cash from sales is reaching the company more slowly. Stock market reaction on the day was negative: the share closed at Rs 359.75, down 5.22%.
The company also announced a second fund of USD 450 million, run by its fund management arm Mt K Kapital, in a joint venture with Japan's Marubeni Corporation. One analyst cited in coverage said the fund could bring third-party capital exposure for investors. ICICI Direct has noted a launch pipeline of roughly ₹6,000 crore for H2 FY27, including Urbania Thane at a GDV of ₹1,200 crore.
What comes next
The company says it plans to use its launch pipeline during the festive season and its capital position to expand its project footprint. ICICI Direct lists these H2 FY27 projects: Dhuru Wadi (GDV ₹1,500 crore), Urbania Thane (₹1,200 crore), Urban Woods Dombivli (₹1,100 crore), Avinash Towers Versova (₹1,200 crore) and phase 1 of cluster GTB Nagar, Dindoshi. Exact launch dates were not found.
For the next two quarters, the numbers to watch are collections and the pace of launches. The update does not give unit counts or occupation certificate dates for the remaining Urbania wings.
Frequently asked questions
Which Urbania towers were completed?
According to the company's 8 October 2026 update, the three towers completed were Rustomjee La Familia A, B and C at Urbania, Majiwada, Thane West. The update reports the completions as six to twelve months ahead of RERA timelines.
How many flats are in the three towers?
The sources do not agree. Reported figures are 1,132 units, 2,499 units and 782 flats at launch. No figure has been confirmed, so this article does not state one.
Has an occupation certificate been issued for the towers?
Buyers should check the project's MahaRERA page and official completion documents.
Do the possession dates on property portals apply?
Portal listings show December 2026 for Wings A and B and June 2027 for Wing C. These are third-party listings and are not company or RERA data. Buyers should rely on their own agreement and official RERA records.
Why did collections fall while sales rose?
The update reports Q2 FY27 pre-sales up 84% but collections down to ₹541 crore from ₹669 crore. Collections arrive as construction milestones are met, so the gap between sales and collections depends on how fast sites progress. The update does not give a separate explanation.
Is metro access available to Majiwada now?
Metro Line 4 and Line 4A are planned or under construction. Coverage conflicts on direct metro access in Majiwada, so the line should not be treated as operational service.