Raymond to develop Rs 1,800 cr housing project in Mumbai with landowner

Real estate company Raymond Ltd has partnered with a landowner to develop a housing project in Mumbai with an estimated revenue potential of Rs 1,800 crore.

In a regulatory filing on Friday, Raymond Ltd said that "its 100 per cent owned step-down subsidiary, Ten X Realty West Ltd, has signed a joint development agreement of a prestigious residential project in the prime location of Mahim West, Mumbai."  This landmark project is estimated to have a revenue potential of approximately Rs 1,800 crore, it added.

Raymond Ltd did not disclose the name of the landowner and also the size of the land as well as total development potential in the upcoming project.

This significant development aligns with Raymond Ltd's growth strategy to capitalise on opportunities within the dynamic MMR (Mumbai Metropolitan Region) real estate market.

"With addition of this project, the Gross Development Value (GDV) of real estate projects of the company will be close to Rs 35,000 crore," the company said.

With the inception in 1925, Raymond Group has been a pioneer and leader in fabric manufacturing and then forayed in other sectors such as engineering business and real estate.

After demerging its lifestyle business into a separate listed entity in the year 2024, Raymond Ltd now has two core businesses of real estate and engineering.

According to data from housing brokerage firm PropTiger, the MMR retained its position as the market leader with 33,617 units sold during the latest December quarter, though it witnessed a 31 per cent Y-o-Y (year-on-year) decline.