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Textile major Raymond Limited has recently disclosed plans for the redevelopment of the Kumari Jethi T Sipahimalani CHS Ltd. property, popularly known as Navjivan Society, spanning across 3.6 acres in Mumbai's Mahim area. This redevelopment initiative, helmed by Ten X Realty, a subsidiary of Raymond, is anticipated to yield an impressive revenue of Rs 1,700 crore. The company outlined these strategic moves in a regulatory filing on October 30, highlighting its continuing foray into real estate development within the Mumbai Metropolitan Region (MMR).
Emphasizing its strategic location in one of Mumbai's sought-after residential areas, the project is poised to be a prime real estate venture.
Raymond ventured into real estate in 2019 by launching a residential real estate project on its factory land at Thane. The factory was shut over a decade ago and the company has been monetising the land bank by constructing residential units on it. Later, in August 2023, it announced a premium 2,3,4 BHK apartments project in the Bandra micro-market on a 14 acre plot and is targeting a top line of Rs 2,000 crore. Including the Bandra project, the company has a top line potential of around Rs 27,000 crore, considering the 100-acre land parcel it owns in Thane.
Previously this year, after a restructuring phase that involved divesting its FMCG business to Godrej Consumer Products, Raymond Limited strategically shifted its focus towards real estate while concurrently managing its branded apparel business under Raymond Customer Care.
This broader diversification strategy aligns with Raymond's revised emphasis on harnessing the potential of its available land assets and their intended utilization for joint development projects.
Real estate projects involving redevelopment and rehabilitation are the mainstay of Mumbai’s property market as the city has few vacant land parcels. As they continue on this path, Raymond is poised for significant revenue generation in the real estate sector. Raymond's focus on leveraging its land assets underscores its broader diversification strategy, aligning with the city's property market dynamics.
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