Raymond Ltd Ventures into Mumbai Housing with Rs 1,800 Crore Project

Raymond Ltd, through its subsidiary Ten X Realty West Ltd, partners with a landowner for a prime residential project in Mahim West, Mumbai, with potential revenue of Rs 1,800 crore. This aligns with the company's strategy to leverage the MMR real estate market, boosting its Gross Development Value to nearly Rs 35,000 crore.

Real estate heavyweight Raymond Ltd has taken a significant step forward in Mumbai's competitive property market, partnering with a local landowner to unveil a prestigious housing project. This development, poised to generate revenue of Rs 1,800 crore, is situated in the sought-after locality of Mahim West.

The project, announced on Friday through a regulatory statement, will be spearheaded by Raymond's wholly-owned subsidiary Ten X Realty West Ltd. However, specifics about the land size and full development potential remain undisclosed. This move is part of Raymond's strategic push to optimize prospects within the dynamic Mumbai Metropolitan Region (MMR) real estate landscape.

The initiative boosts Raymond Ltd's Gross Development Value to approximately Rs 35,000 crore, solidifying its commitment to its core realms of real estate and engineering following the demerger of its lifestyle business in 2024. Despite a slowdown in the market, with a noted 31% decline in year-on-year sales, the MMR remains a leader with 33,617 units sold in the last quarter, as per data from PropTiger.