by THO
Raymond Realty plans to foray into the Pune real estate market with the launch of a housing project having a topline of around ₹2,000 crore. It is currently scouting for a land parcel, Harmohan Sahni, CEO of Raymond Realty told HT.com
Sahni said the company is also ready to enter the plotted development segment near the Mumbai Metropolitan Region (MMR).
Textile major Raymond’s real estate arm, Raymond Realty, made its debut in the real estate sector with the launch of a project in Thane near Mumbai in 2019. This was followed by a project launch in Mumbai called the Address By GS in Bandra earlier this year.
Plans for the Pune real estate market
The company is planning to launch a residential real estate project in Pune having a topline of around ₹2,000 crore and is currently looking for a land parcel.
“We have recently hired manpower for Pune, and we are looking for appropriate land parcels that match our requirement. The requirement is to have a residential project having a topline of around ₹2,000 crore where we can launch a mid segment and premium housing project,” Sahni said.
“We are open to Hinjewadi, Kharadi, east, north east, and the Mumbai side of Pune. At the same time we are also open to a good redevelopment project, say in Koregaon Park or on the Boat Club Road where a lot of old buildings are present,” Sahni added.
Also Read: Raymond Realty launches housing project in Bandra, Mumbai, with a revenue potential of ₹2,000 cr
Expected price range for the Pune housing project
According to the company, it plans to focus on the Pune real estate market where homes can be sold in the price range of ₹10,000 to ₹20,000 per sq ft.
“Even in Mumbai we are very clear that we want to sell homes in the range of ₹23,000 to ₹24,000 and ₹60,000 to ₹70,000 per sq ft. In the next one year, for the Mumbai and Thane real estate markets, we have a launch pipeline in areas like Bandra, Mahim, and one in Thane on our land bank itself,” Sahni added.
Also Read: Top real estate deal: 12,000 sq ft penthouse in Pune sold for ₹37 crore
Raymond Realty’s land bank is spread across an area of 100 acres in Thane on its factory land that was shut over a decade back. Since 2019, the company has been monetising the land bank by constructing residential units on it.
The revenue potential of the Thane land is around ₹25,000 crore of which land worth 9,000 crore worth has been launched, according to the company.
The company has also undertaken redevelopment projects in Mumbai’s Bandra, Sion and Mahim areas. “We are very much open to more projects in the Mumbai real estate market,” Sahni added.
Plans for plotted development, data centres and warehousing projects
According to Sahni, the company is now ready to foray into the plotted development segment. “I am not saying we already have a project, but yes I can say this now that the company is ready to foray into the plotted development space. We are active in the western Maharashtra belt,” said Sahni.
As for plans for data centres and warehousing, “We are studying all these segments. Data centres require cheap or cost optimised land, and land value plays a very important role when we talk about data centres.”
Real estate business demerger
Raymond Limited’s Board in July 2024 had approved the demerger of its real estate business Raymond Realty Limited.
The demerger plan aims to “exploit the growth potential of the real estate business and attract a fresh set of investors / strategic partners to participate in the real estate business, it is proposed to consolidate the entire real estate business of the Group under one single entity,” the company had said in its regulatory filing in July 2024.
