Raymond signs joint venture to develop ₹5,000-crore housing project in Mumbai

Real estate company, Raymond Limited, has said that its 100% owned step-down subsidiary, Ten X Realty East Limited, has signed a joint development agreement to develop a housing project in Wadala, Mumbai, with an estimated gross development value of almost ₹5000 crore, the company said in a regulatory filing.

In a regulatory filing on April 1, the company informed that its wholly-owned step-down subsidiary, Ten X Realty East Ltd, has signed a Joint Development Agreement (JDA) for a residential project in Wadala, Mumbai.

“This landmark project is estimated to have a gross development value of approximately ₹5,000 crore…,” the company said.

Raymond did not mention the name of the landowner with whom it has signed the JDA.

This represents the 6th Joint Development project undertaken by the company outside of its existing developments in Thane, underscoring its strategic expansion within the Mumbai Metropolitan Region (MMR). This project will be the first residential project that the company will be developing in Wadala, Mumbai, the company said in a statement.

With this addition, the Gross Development Value of real estate projects of the company will be close to ₹40,000 crore, the company said.

With the inception in 1925, Raymond Group has been a pioneer in fabric manufacturing and then forayed in other sectors such as engineering business and real estate. After demerging its lifestyle business into a separate listed entity in the year 2024, Raymond Limited now has two core businesses of real estate and engineering.