Raymond Realty, the real estate arm of Raymond Group, on June 10 said that it has been selected to redevelop a housing project in Bandra east area of Mumbai with an estimated revenue potential of more than ₹2,000 crore, according to a regulatory filing by the company.
The board of Raymond Ltd has approved the project.
Raymond Realty won the redevelopment project with 100% votes by the members of the housing society MIG VI CHS Ltd. The project is strategically situated in Bandra East and the expansion is in line with the company’s growth plans of real estate development in Mumbai Metropolitan Region (MMR), the company said in a regulatory filing.
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Raymond Realty’s redevelopment profile
Earlier, the company had signed three joint development agreements for projects in Mahim, Sion and Bandra with an estimated development value of over ₹5000 crore. With this project, the estimated Gross Development Value (GDV) of projects under execution will be around ₹7000 crore in Mumbai city, the company said.
“The addition of another project in Bandra has also solidified the company’s position as one of the leading developers in the area. Moreover, receiving a 100% vote of confidence from the society members of MIG VI CHS underscores the company’s commitment to providing luxurious living spaces and highlights its expertise in handling large society and MHADA redevelopment,” the company said.
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Mumbai real estate market first project announced in February 2024
The Raymond Group’s first project in the Mumbai real estate market was announced in February 2024 in Bandra east. The project will offer a mix of 2,3 and 4 BHK apartments along with 30 amenities and a club house spanning 16,000 sq ft.
Adani Realty also has a project in the Bandra East micro market, The company had acquired a 24 acre plot in Bandra west earlier this year. The company is also undertaking redevelopment and rehabilitation of Dharavi- Asia’s largest slum cluster which is just about 10 minutes from Bandra.
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The market rate of Bandra East locality is around ₹50,000 to 60,000 per sq ft depending on the building, its amenities and proximity to India’s most costliest commercial district Bandra Kurla Complex (BKC), said local brokers.
