MUMBAI—Raymond Ltd. is set to develop a new housing project in Mahim West, Mumbai, through its wholly owned step-down subsidiary, Ten X Realty West Ltd.
The project, undertaken through a joint development agreement with an undisclosed landowner, is expected to generate approximately ₹1,800 crore in revenue, as published by Hindustan Times.
The company announced the agreement in a regulatory filing on Feb. 7, marking its second residential development in Mahim West. However, details such as the size of the land parcel and the total development potential have not been disclosed.
Raymond Ltd. stated that the new project aligns with its broader growth strategy, aiming to capitalize on real estate opportunities within the Mumbai Metropolitan Region (MMR). The company emphasized that this initiative would significantly contribute to its long-term expansion plans and reinforce its presence in the region’s competitive real estate sector.
With this addition, Raymond Ltd.’s total Gross Development Value across its real estate projects nears Rs 35,000 crore. The company also highlighted that this marks its fifth project outside Thane, where it has primarily focused its real estate ventures.
Following the demerger of its lifestyle business into a separate listed entity in 2024, Raymond Ltd. now operates two core businesses: real estate and engineering.
The project is expected to further solidify Raymond Ltd.’s foothold in Mahim West, a sought-after residential location in Mumbai. The company remains committed to leveraging growth opportunities within the dynamic MMR real estate market.