Raymond will be preferred developer of redevelopment project at Bandra East Mumbai
Jun 08, 2024
New Delhi [India], June 8 : The real estate division of Raymond has announced its selection as the "Preferred Developer" for the redevelopment of MIG VI CHS Ltd, located in Bandra East, the company informed the exchange in a filing on Saturday.
This project, which spans across 2 acres, presents a significant revenue potential for the company exceeding Rs 2,000 crores.
The current project marks Raymond's fourth project in Mumbai, highlighting the company's strategic expansion plans within the real estate sector. The project is strategically situated in one of Mumbai's most coveted residential areas.
"This is to inform that Raymond Limited (Real Estate Division) has been selected as the 'Preferred Developer' for the redevelopment of MIG VI CHS Ltd located in Bandra East. Spread across 2 acres, the project is strategically located at one of the most sought-after residential areas of Mumbai and estimated to have a revenue potential in excess of Rs. 2,000 crores over the project period," the company stated.
This redevelopment project aligns with company's broader growth strategy in the Mumbai Metropolitan Region.
Beyond the Bandra East project, Raymond Realty is also actively engaged in developing its 100-acre land parcel in Thane. Since 2019, the company has been monetizing this land bank by launching residential real estate projects. The Thane land parcel alone is projected to have a potential revenue of close to Rs 25,000 crores in total.
The new project in Bandra East is expected to enhance company's real estate portfolio. By adding another project in Mumbai, Raymond is strengthening its position in the real estate market.
The company expected that the project's location and the company's reputable brand are likely to attract considerable interest and investment.
On the stock market front, Raymond Limited saw a notable increase in its share price, which gained more than 6 percent on Friday, closing at Rs 2450. This uptick reflects investor confidence in the company's strategic growth plans and its ongoing and upcoming real estate ventures.
