Raymond Realty Ltd has signed a joint development agreement to develop a residential project in Mumbai’s Parel with an estimated gross development value (GDV) of about ₹8,500 crore, marking its first project in South Mumbai and its largest development outside its Thane land parcel.
The deal, announced on Wednesday (July 15), takes the company’s total real estate portfolio GDV to around ₹52,000 crore.
The project is Raymond Realty’s eighth joint development project in Mumbai and forms part of the company’s expansion through an asset-light development model.
According to the company, the project is located in Parel and will benefit from connectivity through the Atal Setu, the Sewri-Worli Elevated Connector, Metro Line 11 and a planned underground tunnel linking the area with south Mumbai.
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Expansion into South Mumbai
Speaking on the development, Gautam Hari Singhania, Chairman of Raymond Group, said, “Our expansion continues to be guided by an asset-light, partnership-led approach that enables us to unlock value in some of Mumbai’s most sought-after locations.” He added that the project reflects the group’s confidence in Mumbai’s long-term growth.
The company said the project marks its entry into South Mumbai and is expected to strengthen its presence in the city’s residential market.
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Focus on asset-light model
Commenting on the agreement, Harmohan Sahni, Managing Director and Chief Executive Officer of Raymond Realty, said that the company’s “disciplined, asset-light model and agile capital structure enable us to unlock high-value opportunities while maintaining capital efficiency. Raymond Realty would continue to focus on scalable growth and execution.”
