Raymond Realty has clinched a significant redevelopment project in Mumbai, poised to generate revenue exceeding Rs 2,000 crore. The project, located in Bandra East and sanctioned by the board of Raymond Ltd, involves the refurbishment of MIG VI CHS Ltd, a residential society. Raymond Realty’s success in securing this project underscores its growing prominence in Mumbai’s real estate landscape. With an overwhelming approval rate of 100 per cent from the society members, the company has demonstrated its ability to garner support for redevelopment initiatives.
The estimated revenue potential of over Rs 2,000 crore highlights the lucrative nature of the project, further solidifying Raymond Realty’s position as a key player in the Mumbai property market. This development comes on the heels of the company’s previous joint development agreements in Mahim, Sion, and Bandra, collectively valued at over Rs 5,000 crore.
Upon completion, the Gross Development Value (GDV) of projects under Raymond Realty’s purview in Mumbai is expected to soar to approximately Rs 7,000 crore, reflecting sustained growth and expansion in the company’s real estate ventures.
By capitalizing on strategic opportunities and leveraging its expertise in redevelopment projects, Raymond Realty aims to capitalize on the burgeoning demand for premium housing and commercial spaces in Mumbai. As the project progresses, stakeholders anticipate a substantial contribution to the company’s bottom line, positioning Raymond Realty for continued success in the competitive real estate sector.
