A subsidiary of Raymond Ltd has been selected as the preferred developer for a redevelopment project in Mumbai with a revenue potential of over ₹1,700 crore.
The company said that its step-down subsidiary ‘Ten X Realty’ would be developing Navjivan Society located in Mahim West, a suburb in Mumbai.
The project is spread over 3.6 acres and is located in a “sought-after” residential area, the company said, adding that work on the project will commence after the company gets external and internal approvals.
“This is in line with the company’s growth plans of real estate development in the Mumbai Metropolitan Region…”, the company said.
After a restructuring exercise earlier this year, involving the sale of its FMCG business to Godrej Consumer Products, the flagship Raymond Ltd is focusing on real estate while the branded apparel business is under Raymond Consumer Care.
It has an over 60-acre land bank in Thane in Mumbai while it also plans to expand through joint development agreements and joint venture projects, including redevelopment projects.
Earlier this month, the company’s board had approved infusing about ₹300 crore in Ten X Realty, which has also undertaken redevelopment of a housing society in Bandra in Mumbai.