Realty Arm of Raymond signs JDA for Mumbai Housing - Marks 6th Project in India

For its first residential project in Wadala, Mumbai, Raymond has signed a joint development agreement (JDA) with Ten X Realty East, its fully owned subsidiary. This strengthens the company's growth in the Mumbai Metropolitan Region (MMR) and represents its sixth significant collaborative development project.

This project, which has a projected gross development value of Rs. 5,000 crore, demonstrates Raymond's calculated move to enter Mumbai's upscale real estate market in addition to its Thane ventures.

By using the vibrant MMR real estate market, the business hopes to solidify its position as a major force. 

With this acquisition, Raymond's real estate projects now have a gross development value of around Rs. 40,000 crore.

Recently, Raymond said that Ten X Realty West Limited 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.

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.