Raymond signs joint venture for ₹5,000 crore residential project in Mumbai

Raymond Ltd on Tuesday announced that it has entered into a joint development agreement (JDA) to undertake a large-scale residential project in Mumbai. The project, located in Wadala, carries an estimated gross development value of ₹5,000 crore, the company said in an exchange filing.

 

"This landmark project is estimated to have a gross development value of approximately ₹5,000 crore and marks the Company's maiden venture in this sought-after area of Mumbai. This also represents the 6th Joint Development project undertaken by the Company outside of its existing developments in Thane, underscoring its strategic expansion within the Mumbai Metropolitan Region (MMR)," the company said.

 

 

The project will be executed through its wholly-owned step-down subsidiary, Ten X Realty East Ltd, and represents Raymond's first foray into Wadala’s real estate landscape.

 

According to the company, this strategic initiative aligns with its broader growth objectives within MMR. The project is expected to significantly contribute to Raymond’s expansion and strengthen its position as a key player in the city’s booming property sector. With this latest addition, the gross development value of Raymond’s real estate projects is set to approach ₹40,000 crore.

 

Mumbai’s real estate market sees record growth

In March, property deal registrations surged by 9 per cent year-on-year, while stamp duty collections saw an impressive 41 per cent increase, as earlier reported by Business Standard. March 2025 emerged as the most active month for Mumbai’s real estate sector in the past 12 months, with 15,603 properties registered, generating a record-breaking ₹1,597 crore in stamp duty revenue. 

 

According to real estate consultancy Knight Frank India, Mumbai generated stamp duty revenue of ₹12,899 crore in financial year 2024-25 (FY25) through the registration of 143,948 properties.

 

Residential properties accounted for 80 per cent of these transactions. Daily property registrations in Mumbai also rose from 388 units in April 2024 to 503 units in March 2025.

 

Shares of Raymond were trading at ₹1383.25, down 1.44 per cent at 11 am on the BSE.