Raymond to Build Rs 5,000 Cr Housing Project in Mumbai

New Delhi, Apr 1 (PTI) Realty firm Raymond Ltd has signed a joint development agreement to develop a housing project in Mumbai with an estimated revenue potential of Rs 5,000 crore.

In a regulatory filing on Tuesday, 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 Rs 5,000 crore...," the company said.

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

Besides outright acquisition of land parcels, real estate developers are partnering with landowners to build projects.

Raymond Ltd said this project would contribute substantially to the company's future growth and solidify its presence as a key player in the Mumbai Metropolitan Region (MMR).

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

This also represents the 6th joint development project undertaken by the company outside of its existing developments in Thane, underscoring its strategic expansion within the MMR.

Mumbai-based Raymond Ltd is now engaged in real estate and engineering businesses, excluding the lifestyle business that has been demerged into Raymond Lifestyle Ltd, a separately listed entity.

Raymond Ltd posted a 75 per cent growth in consolidated net profit to Rs 72.28 crore during the December quarter of 2024-25 fiscal. Its net profit stood at Rs 41.35 crore in the year-ago period.

Total income rose to Rs 985.35 crore in the third quarter of the last fiscal year from Rs 726.91 crore in the year-ago period.

In the real estate vertical, the company achieved sales booking value of Rs 505 crore during the third quarter of the 2024-25 fiscal year.

According to real estate data analytics firm PropEquity, housing sales in Mumbai fell 36 per cent to 10,432 units in January-March 2025 from 16,204 units in the year-ago period.

Navi Mumbai saw a 7 per cent drop to 8,551 units from 9,218 units. In Thane, the housing sales fell 27 per cent to 19,254 units in January-March 2025 from 26,234 units in the corresponding period of the last year.

According to Anarock, the sales of residential properties in MMR declined 26 per cent to 31,610 units in the first quarter of 2025 calendar year from 42,920 units in the year-ago period.