Raymond Signs Joint Venture to Develop ₹5,000-Crore Housing Project in Mumbai Raymond Limited has reported a 75 per cent year-on-year (YoY) rise in net profit from the continuing operations at INR 72.28 crore for the December quarter compared with INR 41.35 crore in the same quarter last year

By Entrepreneur Staff

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Realty firm Raymond Limited has signed a joint development agreement to develop a residential project in Mumbai's Wadala with an undisclosed landowner for an estimated revenue potential of INR 5,000 crore. As per its regulatory filing, the company said its wholly-owned step-down subsidiary, Ten X Realty East Ltd, has signed a JDA for a housing project.

"Raymond Limited is pleased to announce that its 100 per cent owned step-down subsidiary, Ten X Realty East Limited, has signed a JDA of a residential project in the prime location of Wadala, Mumbai," read the company's statement.

"This also represents the 6th joint development project undertaken by the company outside of its existing developments in Thane, underscoring its strategic expansion within the Mumbai Metropolitan Region (MMR)," the company stated.

"This 6th project will be the first residential project the company will be developing in Wadala. With this addition, the gross development value of real estate projects of the company will be close to INR 40,000 crore," said the company's spokesperson Rohit Khurana. The company has joined five other JDAs, including two in Bandra, two in Mahim, and one in Sion, thereby increasing its foothold in the Mumba Metropolitan region, said the spokesperson.

According to a PropEquity report, in Mumbai's demand-driven real estate market, absorption has witnessed a decline of 6 percent in CY'24. However, demand significantly surpassed supply by 22 per cent during the same period. Housing sales in Mumbai fell 36 per cent to 10,432 units in January-March 2025 from 16,204 units in the year-ago period, PropEquity data stated.

According to PTI report, Raymond Limited has reported a 75 per cent year-on-year (YoY) rise in net profit from the continuing operations at INR 72.28 crore for the December quarter compared with INR 41.35 crore in the same quarter last year. In the real estate vertical, the company achieved sales booking value of INR 505 crore during the third quarter of the 2024-25 fiscal year.
Entrepreneur Staff

Entrepreneur Staff

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