Raymond Group bags 3 new projects in city, targets revenue of over ₹5,000 cr
Raymond Group has secured three new real estate projects in the Mumbai Metropolitan Region, with a combined revenue potential of over INR 5,000 crore ($678 million). The projects include the redevelopment of Navjivan Society in Mahim West and a prominent society in Sion East. The group's realty business has seen strong growth, with 40% of the launch inventory of its Thane project already sold out.
Mumbai: After the success of Gautam Singhania-led Raymond group’s first project in Thane, the group now targeted Mumbai Metropolitan Region (MMR), bagging three new real estate projects with a potential revenue of over ₹5,000 crore.
Speaking during the earnings call with investors after the Q2 FY 2024 results on Thursday, Anil Agrawal, chief financial officer, Raymonds Group, said that the group’s realty business has seen stellar growth.
Agarwal said the new project in Thane launched during the second quarter has undertaken over 1 million sq ft of development with a revenue potential of ₹2,000 crore and received an overwhelming response from home buyers. “40% of the launch inventory has been sold out,” he said adding that the total booking value in Q2 FY 2024 stood at ₹650 crore, which has doubled compared to Q2 2023.
Agrawal said 85% of the total units in the first two projects, Tex X Habitat and The Address by GS have been sold. He said the group had 100 acres of land in Thane out of which 40 acres are under development with an estimated revenue potential of ₹9,000 crore. “The balance land of 60 acres has a potential revenue of ₹16,000 crore through new development over the years. Considering that the land in Thane is finite, we have expanded our presence in MMR and would now be developing three residential projects through the joint development route,” he said.
The first project, located in Bandra East has a revenue potential of ₹2,000 crore, said Aggarwal.
Last week, the company announced its second project, under the joint development route in which Raymond was appointed as the developer for the redevelopment of Navjivan Society in Mahim West.
Spread across 3.6 acres of land, the project is estimated to have a revenue potential of ₹1,700 crore over the project period. “Today we have been appointed as a preferred development for the redevelopment of a prominent society in Sion East spread over 4.3 acres. We expect a revenue potential of ₹1,400 crore over the project period. Put together, the revenue potential of these three projects in MMR, outside of our Thane land, is estimated at more than ₹5,000 crore.”
The Raymond official said the first three towers in TenX Habitat were delivered two years ahead of RERA time in December 2022. The company had two other ongoing projects, TexXEra and The Address by GS for higher ticket sizes. The group has also launched The Address Season Two and Invictus by GS with 4.5-bed homes, with 70,00 sq ft of high street retail.
Agrawal said the construction work on all projects was going in full swing with lift installation in progress in TenX Habitat Tower 4, internal installations in Towers 5 to 7, and 35th and 38th slabs cast in the remaining two towers. In Address Season Two and Invictus by GS excavation was in progress, he said.