Raymond’s bags second realty project in city at Wadala | Mumbai news

MUMBAI: Textile major Raymond’s realty venture, Raymond Realty, has expanded its portfolio by entering into an agreement to develop a project in Wadala. This latest project in Raymond’s portfolio is estimated to have a gross development value of approximately ₹5,000 crore, the company said in its statement on Tuesday.

Ramond is a relatively recent entrant into the realty sector, with its maiden project, a residential project spread over 14 acres and housing 3,000 apartments in its first phase, launched in April 2019.

“Raymond Limited is pleased to announce that its 100% owned step-down subsidiary, Ten X Realty East Limited, has signed a Joint Development Agreement of a prestigious residential project in the prime location of Wadala, Mumbai,” read the company’s statement.

This project mark’s company’s sixth joint development project, outside of its existing developments in Thane, underscoring its strategic expansion within the Mumbai Metropolitan Region (MMR) and how it is making this sector one of its core businesses. “This project will be the first residential project that the company will be developing in Wadala,” the spokesperson said, “With this addition, the gross development value of real estate projects of the company will be close to ₹40,000 crore.”

Besides residential and commercial projects in Thane, Raymond Realty in February had signed a joint development agreement to develop a residential project in Mahim West. The revenue potential for this project is estimated at ₹1,800 crore.