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Raymond To Make Real Estate Debut Through Raymond Realty

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Raymond To Make Real Estate Debut Through Raymond Realty

Raymond Realty to construct a three-million square feet residential project in Thane

After tasting unmatched success in the textile industry, Raymond is all set to enter the real estate industry. It recently launched a company named Raymond Realty. Its very first residential project will be built upon a land parcel at Thane’s Cadbury Junction. Raymond will be utilising 20 acres out of the 125-acre plot and aims to construct a three-million square feet residential project there.

K Mukund Raj, president and CEO of real estate business at Raymond confirmed the news. “Given the historical land bank we have, we have decided to enter into real estate development on our own,” Mukund said. 

Back in October 2010, Raymond had an out-of-court settlement with its labour union. Around 2,000 employees were compensated with an amount of Rs 313 crore. Raymond finally got the union’s nod for starting its dream project on the land which used to be Raymond’s textile unit. The settlement also paved the way for construction approvals from government bodies.

Raymond Realty’s project will have 3,000 residential units. There will be ten 42-storey towers with 2 BHK residences with approximate carpet areas of 510 square feet and 630 square feet. “There will also be a 5-acre central landscape green area along with hundreds of trees,” Mukund added

The project’s soft launch for the company’s employees and their families resulted in 450 application requests. Real estate experts state that homes in the area cost around Rs 10,000 to Rs 14,000 per square feet.

Raymond Realty aims to finish the project by 2026. The company will also announce premium segment apartments with larger configurations by the end of 2019.

Due to land rates becoming increasingly costly, Thane is being preferred by the biggest names in the real estate industry. Hiranandani Constructions, Lodha Developers, Wadhwa Group, Runwal Group, Rustomjee and Tata Housing are among the many who have already built projects there.

 

Source: Economic Times

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