Raymond Chosen as Preferred Developer for Mumbai Redevelopment Project.

A subsidiary of Raymond Ltd. has emerged as the favored developer for a high-potential redevelopment endeavor in Mumbai, expected to generate revenues exceeding ₹1,700 crore. Raymond Ltd has disclosed that its step-down subsidiary, 'Ten X Realty,' will spearhead the redevelopment project for Navjivan Society in Mahim West, a sought-after residential district in Mumbai. The project encompasses an expansive 3.6-acre area and is poised to commence once the necessary external and internal approvals are secured.

The company affirmed that this venture aligns with its growth strategy in real estate development within the Mumbai Metropolitan Region. Following a restructuring exercise earlier in the year, which included the divestment of its FMCG business to Godrej Consumer Products, the flagship entity, Raymond Ltd, is increasingly concentrating on real estate. Meanwhile, the branded apparel business falls under Raymond Consumer Care.

Raymond Ltd possesses an extensive land bank of over 60 acres in Thane, Mumbai, and intends to expand its presence through collaborative development agreements and joint venture initiatives, including redevelopment projects. In a recent development, the company's board approved an infusion of around ₹300 crore in Ten X Realty, which is concurrently managing the redevelopment of a housing society in Bandra, Mumbai.

HBL