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Raymond Realty is accelerating its expansion across Mumbai through an asset-light joint development agreement strategy, with six signed JDAs spanning prime locations including Bandra, Mahim, Sion and Wadala. The portfolio has an estimated gross development value of around INR 14,000 crore, while the company has set a target for JDA projects to contribute 50% of annual pre-sales by FY28. Its latest project, Invictus by GS, BKC, is a roughly two-acre redevelopment with an estimated revenue potential of more than INR 2,000 crore, marking the company’s move into Mumbai’s ultra-luxury segment.
Raymond Realty is stepping up its Mumbai redevelopment strategy, using an asset-light joint development agreement (JDA) model to expand beyond its established Thane presence and build a larger portfolio across some of the Mumbai Metropolitan Region’s most sought-after locations.
The company has signed six JDA projects across locations including Bandra, Mahim, Sion and Wadala, with the portfolio carrying an estimated gross development value (GDV) of approximately INR 14,000 crore. The strategy is intended to increase Raymond Realty’s presence in Mumbai while limiting the need for direct land ownership and acquisition for every development.
The company’s latest launch, Invictus by GS, BKC, represents a significant part of this expansion. The project is being developed on a roughly two-acre redevelopment parcel in Bandra-Kurla Complex and has an estimated revenue potential of more than INR 2,000 crore.
The ultra-luxury development comprises six towers with 23 habitable floors and four basements, offering limited-edition three- and four-bedroom residences. The project is positioned as Raymond Realty’s entry into Mumbai’s ultra-luxury segment and is designed with IGBC-aligned features.
The development also includes more than 30 lifestyle amenities, including a 38-metre skyline-facing swimming pool, a sky lounge, recreational areas and high-street retail. Its location provides connectivity to major parts of Mumbai, with the project positioned around five minutes from Jio World Drive, eight minutes from the Bandra-Worli Sea Link and about 15 minutes from the airport.
Raymond Realty’s expansion comes as the company seeks to diversify its portfolio from its traditional concentration in Thane. The developer said its strategy is being shaped by changing homebuyer preferences and growing demand for premium and luxury residential projects in established urban locations.
The company’s earlier projects in Thane, including TenX Habitat and The Address by GS, helped establish its residential development platform. Raymond Realty said its execution strategy has also supported early project deliveries, with TenX Habitat delivered two years ahead of schedule and eight towers in Thane delivered ahead of their respective RERA timelines.
The JDA model is expected to become increasingly important to the company’s growth plans. Raymond Realty has stated that it aims for JDA developments to contribute 50% of annual pre-sales by FY28, compared with 22% in FY25, when projects in Thane accounted for 78% of its pre-sales mix.
For the current financial year, the company has outlined a pipeline comprising two new projects on its own land in Thane and three to four additional JDA projects across Mumbai. The planned launches are expected to further increase the contribution of redevelopment and partnership-led projects to its overall business.
The company’s strategy also reflects the increasing importance of redevelopment in Mumbai, where the availability of large vacant land parcels is limited and established neighbourhoods contain substantial redevelopment potential. Partnering with landowners through JDAs allows developers to access such locations while sharing development economics with property owners.
Raymond Realty’s Mumbai portfolio therefore represents a structural shift in its growth strategy rather than a single-project expansion. With six signed JDAs and additional projects under evaluation, the company is seeking to establish a broader presence across Mumbai while increasing its exposure to premium and ultra-luxury housing.
The INR 14,000-crore JDA portfolio, combined with the planned launch pipeline, is expected to form a key component of Raymond Realty’s expansion as it targets a larger share of future growth from high-value redevelopment and partnership-led projects.
Source- NSE Archives
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