Raymond Ltd Expands Mumbai Footprint with Rs 5,000 Crore Housing Project

Raymond Ltd's subsidiary, Ten X Realty East Ltd, has entered a joint development agreement to build a major housing project in Wadala, Mumbai, with an estimated revenue of Rs 5,000 crore. This marks Raymond's sixth joint development, enhancing its market presence in the Mumbai Metropolitan Region.

Raymond Ltd, a key player in Mumbai's real estate sector, has announced a significant new venture through its subsidiary, Ten X Realty East Ltd. The company has signed a joint development agreement to create a major residential project in Wadala, Mumbai, estimated to generate Rs 5,000 crore.

Announced this Tuesday via a regulatory filing, the project exemplifies the prevalent industry trend of real estate firms collaborating directly with landowners. Although the landowner's identity remains undisclosed, this housing venture aims to solidify Raymond's stature in the Mumbai Metropolitan Region (MMR).

Apart from the lifestyle business redirected to Raymond Lifestyle Ltd, this marks the sixth joint venture outside Thane. Raymond's total income rose to Rs 985.35 crore last quarter, with a notable profit surge. Yet, local housing sales reflect a downturn, underscoring challenges in the real estate sector.

(With inputs from agencies.)