“Raymond Group Unveils First Mumbai Real Estate Project in Bandra, Aims to Generate Over $2 Billion“
Raymond Realty, the real estate arm of Raymond Group, announced its inaugural project in Mumbai’s real estate market on February 20. The project, named “The Address by GS, Bandra,” will be located in Bandra East and is estimated to have a development value exceeding $2 billion. It will encompass the construction of 0.7 million square feet of living space on a 2.74-acre plot of land for sale.
This expansion aligns with the company’s strategy to broaden its presence beyond Thane by entering into joint development agreements (JDAs) in the Mumbai Metropolitan Region (MMR), as stated by the company.
The project will offer connectivity to prime areas like the Bandra-Kurla Complex and Bandra-Worli Sea-Link. It will feature a range of 2, 3, and 4 BHK apartments along with 30 amenities and a 16,000-square-foot clubhouse.
Raymond Limited commented, “Moreover, the residential complex will feature exclusive high-street retail spaces and other amenities aimed at providing residents with an exceptional living experience. The project is also expected to yield significant economic returns, with revenue projections exceeding $2 billion.”
Gautam Hari Singhania, Chairman and Managing Director of Raymond Group, expressed, “The Address by GS, Bandra, marks a significant milestone in our expansion journey, being our first project outside of Thane. This endeavor aims to offer the luxury of gated community living with world-class amenities in the prime location of Bandra East, providing excellent connectivity to areas like BKC, domestic, and international airports.”
Harmohan Sahni, CEO of Raymond Realty, elaborated, “Bandra has not witnessed a project of this scale in a long time. Initially, it will be a 20-story project, with construction covering 0.7 million square feet of RERA carpet area on a 2.74-acre land parcel. This project involves the redevelopment of 10 buildings, with separate land parcels designated for sale and rehabilitation components. The RERA deadline for this project is January 2030.”
Sahni also mentioned, “The prevailing market rate for ready apartments in the vicinity is approximately $60,000 per square foot, but there is currently no comparable project to ours. Essentially, we are competing with ourselves, striving to surpass our previous achievements.”
Presently, Raymond Realty is focused on developing projects on its 100-acre land parcel in Thane, where it has been monetizing the land bank since 2019 by launching residential real estate projects. According to the company, the Thane land parcel has a potential value of close to $25 billion in total.
( Credits Moneycontrol )
Also read : Oberoi Realty Partners with Marriott International to Build Hotels in Mumbai and Thane