Gautam Singhania, chairman of Raymond Realty, said geopolitical uncertainty amid the US-Iran war has put pressure, with no clarity on how long the war will last. However, despite construction cost pressures, he does not see a major challenge for Mumbai’s affordable-luxury housing segment, where the company largely operates.
“We are in the belly of the market,” he told Hindustan Times (HT) Real Estate.
Speaking to HT Real Estate, Singhania said there could be some challenge in Mumbai’s super-luxury segment, particularly for apartments priced at ₹30 crore, ₹40 crore, ₹50 crore, and even ₹100-200 crore or more. However, he said the affordable-luxury segment remains strong.
"That's my view purely: in the super luxury segment, there might be some challenges. But I think in the affordable luxury segment, the market is there. There are a lot of players. The growth is there. So, I don't see a challenge," Singhania said.
He said Raymond Realty’s projects remain focused on the core of the market, with the highest price point for its apartments at around ₹50,000- ₹55,000 per sq ft.
“We are not going over that. So, we are in the belly of the market, and that is where we propose to stay,” he said.
{{/usCountry}}“We are not going over that. So, we are in the belly of the market, and that is where we propose to stay,” he said.
{{/usCountry}}US-Iran war creates construction cost pressures, but Raymond Realty stays bullish on affordable luxury
Against the backdrop of the US-Iran war, Singhania said it was difficult to assess the impact of ongoing geopolitical tensions on the real estate sector, particularly given the lack of clarity on how long the war will last.
He said the prolonged uncertainty was already creating cost pressures, which could have implications for the real estate sector. However, Raymond Realty would continue to focus on its chosen affordable-luxury segment and remain focused on delivering value to customers.
"There is certainly pressure with costs going up. So, that is going to be there. Now, it's very difficult to say whether the war is going to take one week or one year or 10 years; nobody knows, frankly. So, cost pressures are there, and that will have its own impact. It is what it is. If you are in our segment, we will continue to deliver value to our customers. And as long as we continue to do that, I think we should be okay," Singhania said.
Raymond Realty currently has projects in the ₹1 crore to ₹10 crore price segment, with its Thane offerings starting at just over ₹1 crore and its Bandra project priced slightly above ₹10 crore.
"I think we are in affordable luxury. I think Kalanagar (Bandra project) might be a little over ₹10 crores. But we are staying in this space, and this is where we want to be. And I think, you know, it's an affordable luxury space that we have chosen for ourselves, and that's where we continue to grow," Singhania said.
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Raymond Realty to remain focused on Mumbai real estate market: ‘We don’t see a reason to go anywhere else’
According to Singhania, the company will continue to focus on the Mumbai real estate market and the redevelopment segment.
However, Singhania said it was difficult to predict how long the current bull run in Mumbai’s redevelopment segment would last.
"Nobody can say that. With the whole geopolitical situation, you know, things can turn overnight. We've seen this in the past that, you know, suddenly you're going very fast and suddenly it can turn. So, I don't think I'm a guessing man. We will continue to do what we believe is right for the business, and whatever happens, happens," Singhania said.
Responding to a question on the company’s plans for Delhi-NCR and Bengaluru, Singhania said Raymond Realty was not currently looking to enter either market.
“We are not in that market. We are not even looking at that market,” he said.
Singhania said the company would continue to focus on Mumbai, where it sees sufficient opportunities for growth.
"Mumbai is our market. We've got enough business in Mumbai, and as long as we have enough business in Mumbai, we don't see a reason to go anywhere else," he said.
Earlier, Harmohan Sahni, MD and CEO of Raymond Realty, said the company is taking a ‘cautious’ approach to the South Mumbai real estate market and will enter the segment only if deal structures and expected returns meet its internal benchmarks.
Sahni had said that the company will continue to focus on Mumbai’s western and eastern suburbs, as well as the Bandra Kurla Complex (BKC), which it views as a strong employment hub with sustained housing demand across market cycles.
"South Bombay (Mumbai) we are very cautious because we have a certain view on this market, and we will only be present in the South Bombay market if it makes sense to us in terms of deal structure and the returns that we will get," Sahni had told during the Q4FY26 investors’ call.
Raymond Limited entered the real estate business in 2019 with its legacy 100-acre land parcel in Thane, where it plans to develop residential, retail, and commercial projects. In July 2025, Raymond Realty, the real estate arm of the Raymond Group, made its debut on the Indian stock exchanges on July 1 following its demerger from Raymond Limited.