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Raymond Realty, the property arm of Raymond Ltd, is driving a rise in real estate activity in Mumbai. They're currently working on residential projects expected to generate INR 30,000 crore in revenue. A large part of this will come from developing 48 acres of their 120-acre land in Thane, a rapidly growing suburb of Mumbai.
Raymond Ltd has shifted its focus to real estate after a strategic restructuring. Thane remains a key area for them due to their extensive land holdings. Additionally, they're venturing into Mumbai city with their first project in Bandra. This 2.74-acre development, valued at INR 2,000 crore, has seen strong sales, with the first phase almost sold out since its launch in February.
Looking ahead, Raymond Realty has two more projects slated for launch in the coming months - one in Mahim and another in Sion, both prime central Mumbai locations. These projects are expected to be sizeable, offering approximately 5 lakh sq. ft. of saleable area each. With a combined revenue potential of INR 6,000 crore, they will significantly contribute to Raymond Realty's overall portfolio.
The company acknowledges a phased approach for its massive Thane development, with a projected completion timeframe of five years. This measured strategy caters to market absorption capacity and ensures a healthy balance in supply and demand.
Raymond Realty, a newcomer in real estate since 2019, has made a big impact in Thane. They've built over 5,000 homes and now have a strong presence in the market. They focus on offering "affordable premium" homes, priced 10-15% lower than similar options. With their success, they aim to surpass their booking target of INR 2,000 crore, possibly reaching over INR 7,000 crore. This shows their confidence in Mumbai's real estate market.
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