Raymond announced that its 100% owned step-down subsidiary, Ten X Realty West, has signed a Joint Development Agreement of a prestigious residential project in the prime location of Mahim West, Mumbai. This landmark project is estimated to have a revenue potential of approximately Rs. 1,800 crore and marks the Company's second venture in this sought-after area of Mumbai. This also represents the 5th 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 second residential project that the company will be developing in Mahim West, Mumbai. This significant development aligns with Raymond Limited's growth strategy to capitalize on opportunities within the dynamic MMR real estate market. The project is poised to contribute substantially to the Company's future growth and solidify its presence as a key player in the region. With addition of this project, the Gross Development Value of Real Estate projects of the company will be close to Rs. 35,000 crore.