Joint venture
Rustomjee developer's fund arm Mt K Kapital launches $450 million second fund with Marubeni
On 8 October 2026, Keystone Realtors Limited, the Mumbai developer that sells under the Rustomjee brand, disclosed a second real estate fund of $450 million raised through its fund management arm Mt K Kapital, structured as a joint venture with Japan's Marubeni Corporation. The disclosure came with provisional operating figures for the first half and second quarter of FY27.
| Fund size (target corpus) | $450 million, described by the company as a target corpus (as reported 8 October 2026) |
|---|---|
| Fund structure | Joint venture between Mt K Kapital and Japan's Marubeni Corporation; backed by General Partners and Limited Partners |
| Target markets | Mumbai, NCR, Pune and Bengaluru |
| Q2 FY27 pre-sales | Rs 1,423 crore (INR 14.23 billion), up 84% from Rs 772 crore in Q2 FY26 |
| Q2 FY27 collections | Rs 541 crore (INR 5.41 billion), down 19% from Rs 669 crore in Q2 FY26 |
| H1 FY27 pre-sales | Rs 2,041 crore (INR 20.41 billion), up 11% from Rs 1,839 crore in H1 FY26 |
| Q2 FY27 area sold | 0.65 million sq ft, up 31% from 0.50 million sq ft in Q2 FY26 |
| Earlier fund plan (2025 report) | Rs 2,500 crore corpus to finance housing projects; this rupee figure is not the same as the $450 million figure and no source converts one into the other |
| First fund | Closed at a total corpus of Rs 790 crore |
What was announced
Keystone Realtors Limited reported provisional operating figures for the first half and second quarter of FY27 in a regulatory update filed on 8 October 2026. In the same update, the company disclosed a second fund of $450 million from Mt K Kapital, its real estate fund management arm.
Outlook Business reported that Mt K Kapital launched its second real estate fund with a corpus of $450 million for investments in projects across major cities. The source describes this as a target corpus, not a closed amount. The fund is backed by General Partners and Limited Partners.
The company also said the fund expands its fund management business through a joint venture with Japan's Marubeni Corporation.
Who is involved
Mt K Kapital is a real estate focused fund management company. It holds a SEBI-approved Category II Alternative Investment Fund (AIF) licence. Its founder and managing director is Binitha Dalal.
In a March 2025 PTI report, Dalal said the planned second fund would be at least three times the size of the first fund, with money deployed across major Indian cities. That was a 2025 plan. The 2026 announcement gives a dollar target, which is a different unit.
Keystone Realtors Limited was incorporated in 1995 and is headquartered at Andheri East, Mumbai. It is listed on the NSE (RUSTOMJEE) and BSE (543669). Its CMD, Boman Irani, is also president of the realtors' apex body CREDAI, according to a 2024 PTI interview.
Marubeni Corporation is a Japanese partner in the joint venture.
Investment approach
According to the company's description, the fund will take capital participation at the acquisition stage of projects. It will then provide ongoing support through the project development cycle. The stated aim is to partner with developers from land acquisition onward.
The fund's target markets are Mumbai, NCR, Pune and Bengaluru. No specific first-close date or first investment date for the $450 million fund was found in the October 2026 sources. Some earlier coverage said deployment was expected in early 2026. That timeline predates the October 2026 disclosure and should not be relied on.
Operating results behind the announcement
Keystone reported that Q2 FY27 pre-sales were Rs 1,423 crore, an 84% rise on the prior-year quarter. Coverage described this as a record quarter for the company. Management linked the result mainly to demand for its luxury and super-premium residential projects.
Collections in the same quarter fell 19% to Rs 541 crore. Several investor-focused analyses noted this gap between strong pre-sales growth and weaker collections as a point to watch.
In H1 FY27 the company added two projects with a saleable area of 1.41 million sq ft and an estimated gross development value (GDV) of Rs 547 crore. Its two Q2 launches, in Malad West and Prabhadevi, together have 0.54 million sq ft of saleable area and roughly Rs 2,196 crore of GDV. The company also signed a contract with Robin Village Development, a Singapore-based subsidiary of Tiong Seng, to set up an in-house pre-cast plant.
What it means for buyers, investors and the market
For home buyers: The sources do not say how the fund will change prices, launch timing or project terms for buyers. The stated focus is on developer partnerships at the land and project-acquisition stage. Any effect on buyers would depend on which projects the fund backs, and no such list was given.
For investors: Analysts described the second fund as an expansion of the company's fund management platform. One investor-focused analysis said it could introduce third-party capital exposure. The company's cash position is relevant here. A 2024 interview put its surplus liquidity at around Rs 3,000 crore.
For the market: The fund adds a capital source for developers in the four named cities.
What comes next
- Fund: the next disclosures would be the first close and first investments.
- Launches: management said more launches are planned for the coming festive months.
- Company guidance: pre-sales growth of 20-25% year on year to Rs 4,500-5,000 crore in FY27 (estimate as given by the company).
- Long-term aim: pre-sales of Rs 10,000 crore by 2030, as stated by the company.
- Watch items for the next two quarters: collections and the pace of launches.
Frequently asked questions
How big is the second Mt K Kapital fund?
Outlook Business reported a target corpus of $450 million. The company described it as a target, so the final amount may differ. A 2025 PTI report had cited a rupee plan of about Rs 2,500 crore, which is a different figure and is not converted in any source.
Who is Marubeni and what is its role?
Marubeni Corporation is a Japanese company and the partner in the joint venture that structures the fund.
Which cities will the fund invest in?
The company said the fund will expand its presence across Mumbai, NCR, Pune and Bengaluru.
Does this change the prices of Rustomjee homes?
The sources reviewed do not say the fund will change prices or launch timing for any project. The fund is described as a source of capital for developers from the acquisition stage.
Why did pre-sales rise while collections fell?
The sources report both figures but do not explain the gap in detail. Pre-sales are bookings, while collections are cash received, so the two can move apart in a given quarter. Analysts flagged the difference as a point to watch.
Are the Q2 FY27 figures final?
No. The company filed provisional H1 FY27 and Q2 FY27 figures on 8 October 2026. Final figures would appear in the company's later financial filings, which were not reviewed for this article.