Raymond develops Housing project in Mumbai with Sales Potential of Rs. 1, 800 crore

In a regulatory filing on February 7, Raymond said that Ten X Realty West Limited, its 100% owned step-down subsidiary, had inked a Joint Development Agreement for a housing project in Mumbai's exclusive Mahim West neighborhood.

According to the report, this project is the company's second endeavor in this exclusive neighborhood of Mumbai and is expected to generate around Rs. 1,800 crore in income.

The name of the proprietor, the land's size, and the entire amount of development potential in the next project were not disclosed by Raymond.

Raymond Limited's business strategy to take advantage of opportunities in the dynamic MMR real estate market is in line with this noteworthy trend. The initiative has the potential to significantly boost the company's future expansion and establish it as a major force in the area, the company stated in a regulatory filing.

“This significant development aligns with Raymond Limited's growth strategy to capitalize on opportunities within the dynamic MMR real estate market. The project is poised to contribute substantially to the Company's future growth and solidify its presence as a key player in the region,” the company said in a regulatory filing.

According to the company, this is the fifth project outside of its current Thane developments, highlighting its strategic growth across the Mumbai Metropolitan Region (MMR).

In 2024, Raymond demerged its lifestyle division into a distinct publicly traded company, leaving it with two main businesses: engineering and real estate.