Raymond Ltd. Subsidiary Signs Joint Development Agreement for ₹1,800 Crore Housing Project in Mahim, Mumbai
Raymond Limited’s subsidiary, Ten X Realty West Limited, has signed a Joint Development Agreement (JDA) for a housing project in Mahim West, Mumbai. The project is expected to generate an estimated revenue of ₹1,800 crore. This marks Raymond’s second residential development in Mahim West. The company disclosed the agreement in a regulatory filing on February 7.
The company has not provided details regarding the landowner, land size, or total development potential. However, it stated that the agreement aligns with its strategy to expand within the Mumbai Metropolitan Region (MMR) real estate market. With this project, Raymond’s Gross Development Value (GDV) for real estate projects will approach ₹35,000 crore.
Raymond Ltd, originally known for its textile and apparel business, shifted focus to real estate development after demerging its lifestyle business into a separate listed entity in 2024. The company now operates in two core sectors—real estate and engineering.
This is the fifth housing project that Raymond Ltd has undertaken outside Thane. The company has been expanding its real estate footprint in Mumbai, moving beyond its traditional base. The decision to develop another project in Mahim West reflects confidence in the location’s housing demand. The area offers connectivity to business districts, transport infrastructure, and essential services. The company anticipates steady demand for residential units in the project.
By adopting the Joint Development Agreement model, Raymond Ltd aims to optimize capital investment while strengthening its real estate presence. This model allows developers to collaborate with landowners, reducing upfront land acquisition costs. Raymond has previously used this approach for project development in Mumbai.
Raymond Ltd continues to pursue opportunities in the real estate sector. Its growing involvement in residential projects across Mumbai indicates a long-term commitment to the market. As MMR remains a key residential hub, the company’s expansion strategy is expected to enhance its position in the region.
The new project in Mahim West expands Raymond Ltd’s presence beyond Thane. The company is growing its real estate portfolio and focusing on housing projects. Its expansion in Mumbai reflects a strategy of growth with financial caution.
