Raymond Group To Expand Realty Business Through Joint Developments
Raymond Ltd is planning to expand its real estate business through joint development agreements with other landowners and joint venture projects while it will also be monetising the over 60-acre land bank that it holds in Thane in Mumbai. After selling its FMCG business to Godrej Consumer Products in May the Raymond Group plans to focus on real estate under Raymond Ltd and the branded apparel business under Raymond Consumer Care, which will soon be listed. The company has launched three projects so far, all in Thane, and last year it reported bookings of ?1,600 crore from the projects. In two projects 80 per cent of the inventory has been sold; in the recently launched third project, a quarter of the inventory has been sold and the company sees a total revenue potential of ?1,400 crore. Of the total revenue of the company of 8,337 crore, the realty business contributed Rs 1115 crore, a rise of 58 per cent on the year and an EBITDA margin of 25.7 per cent. The company intends to expand beyond Thane in the MMR region.
Tags : Raymond Ltd planning expand real estate business joint development agreements landowners projects Thane Mumbai FMCG business Godrej Consumer Products property