Raymond Group Bags Three New Projects In MMR

After the success of Gautam Singhania-led Raymond group’s first project in Thane, the group now targeted Mumbai Metropolitan Region (MMR), bagging three new real estate projects with a potential revenue of over Rs 5,000 crore.

Speaking during the earnings call with investors after the Q2 FY 2024 results on Thursday, Anil Agrawal, chief financial officer, Raymonds Group, said that the group’s realty business has seen stellar growth.

Agarwal said the new project in Thane launched during the second quarter has undertaken over 1 million sq ft of development with a revenue potential of Rs 2,000 crore and received an overwhelming response from home buyers. “40% of the launch inventory has been sold out,” he said adding that the total booking value in Q2 FY 2024 stood at Rs 650 crore, which has doubled compared to Q2 2023.

Agrawal said 85% of the total units in the first two projects, Tex X Habitat and The Address by GS have been sold. He said the group had 100 acres of land in Thane out of which 40 acres are under development with an estimated revenue potential of  Rs 9,000 crore. “The balance land of 60 acres has a potential revenue of Rs 16,000 crore through new development over the years. Considering that the land in Thane is finite, we have expanded our presence in MMR and would now be developing three residential projects through the joint development route,” he said.