Real Estate Arm of Raymond Group Bags Redevelopment Project in Bandra, of ₹2,000 crore Revenue Potential

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Raymond Realty has secured a redevelopment project in the Bandra East area of Mumbai with an estimated revenue potential exceeding ₹2,000 crore. This announcement was made in a regulatory filing by the company on June 10. The board of Raymond Ltd has given its approval for the project.

Raymond Realty, the real estate arm of Raymond Group, won the redevelopment project with unanimous approval from the members of the housing society MIG VI CHS Ltd. Strategically located in Bandra East, this project aligns with the company’s growth plans for real estate development in the Mumbai Metropolitan Region (MMR).

Previously, Raymond Realty had entered into three joint development agreements for projects in Mahim, Sion, and Bandra, with a combined estimated development value of over ₹5,000 crore. With the addition of this new project, the estimated Gross Development Value (GDV) of projects under execution in Mumbai will be approximately ₹7,000 crore.

“The addition of another project in Bandra has solidified our position as one of the leading developers in the area,” the company stated. “Moreover, receiving a 100% vote of confidence from the society members of MIG VI CHS underscores our commitment to providing luxurious living spaces and highlights our expertise in handling large society and MHADA redevelopment projects.”

Raymond Group’s first project in the Mumbai real estate market was announced in February 2024 in Bandra East. This development will feature a mix of 2, 3, and 4 BHK apartments, along with 30 amenities and a clubhouse spanning 16,000 sq ft.

Adani Realty also has a presence in the Bandra East micro-market, having acquired a 24-acre plot in Bandra West earlier this year. Additionally, Adani is undertaking the redevelopment and rehabilitation of Dharavi, Asia’s largest slum cluster, located just about 10 minutes from Bandra.

Local brokers indicate that the market rate in the Bandra East locality ranges from ₹50,000 to ₹60,000 per sq ft, depending on the building, its amenities, and proximity to the Bandra Kurla Complex (BKC), India’s most expensive commercial district.

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