Raymond Realty has secured the redevelopment rights for MIG VI CHS Ltd in Mumbai's prime Bandra East neighborhood. This 2-acre project is estimated to generate revenue exceeding INR 2,000 crore. It marks Raymond Realty's fourth project in Mumbai, reinforcing its strategic expansion in the city. The redevelopment aligns with Raymond Limited's broader growth plans in the Mumbai Metropolitan Region (MMR), complementing their ongoing 100-acre development in Thane, projected to generate INR 25,000 crore. This move underscores Raymond's shift from textiles to real estate, promising significant new revenue streams in the coming years.
Raymond Limited's real estate division has scored a win by securing the redevelopment rights for MIG VI CHS Ltd, a housing society located in Mumbai's prime Bandra East neighborhood. This redevelopment project, spanning a significant 2 acres, holds immense potential for Raymond Realty, with an estimated revenue exceeding INR 2,000 crore over the project period.
This project marks a step forward for Raymond Realty, solidifying its presence in the Mumbai real estate market. It represents the company's fourth project within the city, showcasing their commitment to strategic expansion in this key market. The Bandra East location is particularly noteworthy, as it's one of Mumbai's most coveted residential areas, guaranteeing high demand for the redeveloped project.
The MIG VI CHS Ltd redevelopment aligns perfectly with Raymond Limited's larger growth plans for the Mumbai Metropolitan Region (MMR). This project complements their ongoing development of a massive 100-acre land parcel in Thane, which has been underway since 2019. Raymond Realty has been successfully monetizing this land bank by launching residential projects, with the Thane development alone projected to generate a potential revenue close to INR 25,000 crore. The Bandra East project further strengthens Raymond Realty's portfolio, creating a diversified presence within the MMR.
This move by Raymond Realty signifies the company's evolving business focus. While traditionally known for its textile and apparel business, Raymond Limited is actively expanding into the real estate sector. The success of the INR 25,000 crore Thane project and the securing of the INR 2,000 crore Bandra East redevelopment highlight their growing expertise and ambition in this dynamic market. This diversification could create a significant new revenue stream for Raymond Limited in the coming years.
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