Raymond’s realty arm to redevelop 3.6-acre housing society in Mumbai’s Mahim

Textile and apparel company Raymond’s step down wholly owned subsidiary Ten X Realty will be undertaking redevelopment of a housing society spread over 3.6 acres in Mumbai Mahim (west) locality.

The subsidiary has been selected as the preferred developer for redevelopment of the society Kumari Jethi T Sipahimalani CHS Ltd., also known as Navjivan Society, strategically located at one of the most sought-after residential areas of Mumbai, the company said in a regulatory filing.

The redevelopment project is estimated to have a revenue potential of more than Rs 1,700 crores over the project period. The company will pursue this project post internal and external approvals, as required, Raymond added.


This is in line with the company's growth plans of real estate development in Mumbai Metropolitan Region (MMR) and follows its first project outside Thane, in Bandra East, where it recently commenced construction.

Real estate projects involving redevelopment and rehabilitation are the mainstay of Mumbai’s property market as the land-starved city has few vacant land parcels.

On Monday, shares of Raymond closed at Rs 1,752.55, up 0.5% over Friday’s close.