Raymond Limited to develop ₹1800 crore housing project in Mumbai, its second in Mahim West

Real estate firm Raymond Ltd has partnered with a landowner to develop a housing project in Mumbai with an estimated revenue potential of ₹1,800 crore.

Raymond Limited’s 100% owned step-down subsidiary, Ten X Realty West Limited, has signed a Joint Development Agreement for a housing project in the prime location of Mahim West, Mumbai, the company said in a regulatory filing on February 7.

It said this project is estimated to have a revenue potential of approximately Rs. 1,800 crore and marks the company’s second venture in this sought-after area of Mumbai.

Raymond Ltd. did not disclose the landowner’s name, the size of the land, or the total development potential in the upcoming project.

“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.

Fifth housing project undertaken outside Thane

With the addition of this project, the company’s Gross Development Value of Real Estate projects will be close to Rs. 35,000 crores, the company said.

The company said it is the fifth project undertaken outside its existing developments in Thane, underscoring its strategic expansion within the Mumbai Metropolitan Region (MMR).

After demerging its lifestyle business into a separate listed entity in 2024, Raymond Ltd now has two core businesses: real estate and engineering.