Lower Parel

Raymond Realty Ltd has partnered with a landowner to develop a luxury housing project in Mumbai with an estimated revenue potential of Rs 8,500 crore. In a regulatory filing on Wednesday, the company said it has signed a joint development agreement to develop a residential project in a prime location of Parel, Mumbai. The project has an estimated revenue potential of about Rs 8,500 crore, it added. Raymond Realty did not name the landowner with whom it has entered into the agreement. This is the company's 8th joint development project in Mumbai city. "Parel has always been at the heart of Mumbai's evolution and we are proud to add another landmark to Raymond Realty's growing portfolio through this strategic joint development," Gautam Hari Singhania, Chairman, Raymond Group, said. He said the company's expansion continues to be guided by an asset-light, partnership-led approach that enables it to unlock value in some of Mumbai's most sought-after locations. Raymond Realty, part o

Residential real estate prices in the area have risen 130% over the past 20 years

The operation to douse the blaze at a commercial building in Mumbai concluded after more than five hours on Friday afternoon, civic officials said. There were no reports of any injury to anyone in the fire that broke out at the Times Tower building in the Kamala Mills compound in the Lower Parel area around 6.30 am, they said. The level 2 (major) fire was confined to an electric duct between the 3rd and 7th floors on the rear side of the 14-storey building with a glass facade, a civic official said. The fire brigade extinguished the blaze around 11.55 am, more than five hours after they received a call around 6.30 am. The cooling operation is on at the site. Firefighters used a chisel and hammer to break the locks on the doors and enter the commercial building to battle the fire, the official said. Eight fire engines and other firefighting vehicles were sent to the spot, an official had said earlier. The Kamala Mills compound, which has witnessed many major fires, is next to the

Lower Parel property market has variety of commercial spaces, including full-fledged business parks