Textile major Raymond is set to foray into the real estate sector with its flagship project located in Thane. The company has started a new division Raymond Realty to drive its growth plans in this segment.
The announcement was made by Raymond’s top official recently. For its maiden project, the branded apparel major has carved out a 20-acre land parcel of the total land holding and will be developing a nearly 3 million sq ft residential project on it.
“Given the historical land bank we have, we have decided to enter into real estate development on our own,” K Mukund Raj, president & CEO – Real Estate business at Raymond, told ET. “This is the best option available with us to enhance the shareholders’ value. We are also open to other options that would help in value creation and maximize the returns for all stakeholders.”
As part of the initial phase of the project, Raymond Realty will be developing total 3,000 residential units across 10 towers. Each of these 42-storey towers will house 2 bedroom apartments with carpet area configuration of 510 sq ft and 630 sq ft in the aspirational category.
The project also promises to offer around 5 acres of central landscape green area. The project is reportedly abuzz amongst Raymond’s employees and their families. The project has already received around 450 applications through soft launch.
In the later phases, the company is planning to launch premium segment apartments with larger configurations after 6-9 months.
Owing to the scarcity of land parcel in Mumbai, Thane has gained immense popularity among developers as well as home buyers. Several large developers, including Hiranandani Constructions, Lodha Developers, Wadhwa Group, Runwal Group, Rustomjee, and Tata Housing, are already executing realty projects here while the city continues to attract more of them.