Raymond Realty Inks JDA for Rs 8,500 Cr Mumbai Housing Project

New Delhi, Jul 15 (PTI) Raymond Realty Ltd has partnered with a landowner to develop a luxury housing project in Mumbai with an estimated revenue potential of Rs 8,500 crore.

In a regulatory filing on Wednesday, the company said it has signed a joint development agreement (JDA) to develop a residential project in a prime location of Parel, Mumbai.

The project has an estimated revenue potential of about Rs 8,500 crore, it added.

Raymond Realty did not name the landowner with whom it has entered into the agreement.

This is the company's 8th joint development project in Mumbai city.

When contacted, Raymond Realty Managing Director & CEO Harmohan Sahni said, "We have done a JDA with an entity that owns 11 acres of land. It is a slum redevelopment project."


The total carpet area available for sale in this project would be 17 lakh sq ft, he said, and the total number of apartments would be around 800-1,000.

Raymond Realty will share revenue from this project with the landowner.

"Our peak investment in this project will be Rs 700 crore," he said.

Sahni said it would take another 12-18 months for the launch of this project. The company would sell apartments in this project at a price range of Rs 8-10 crore per unit.

"This landmark JDA in Parel marks a significant milestone in our expansion into South Mumbai and underscores our confidence in the long-term potential of Mumbai's premium residential market," he said.

"Our disciplined, asset-light model and agile capital structure enable us to unlock high-value opportunities while maintaining capital efficiency," Sahni said.

Raymond Realty, part of Raymond Group, is one of the leading real estate developers in the country.