Raymond ventures into real estate development through Raymond Realty
With central theme of ‘Go Beyond’, the company has undertaken the project to build quality housing for all
Published - 03-April-2019
Raymond Group is foraying into the real estate development business, as an effort towards constant evolution under its vision of Raymond Re-imagined. In order to drive its growth plans in this direction, the company has set up a new division called ‘Raymond Realty’ for its maiden venture into the real estate sector. With central theme of ‘Go Beyond’, the company has undertaken the project to build quality housing for all. A large gated community named ‘Aspirational District’ is spread over 14 acres that celebrates a new epoch in living.
This first phase of the project will house 3000 residential units across 10 towers. Each of these 42-storey towers will house smart-sized 2 bed homes with carpet area configuration of 515 sq. ft. and 640 sq. ft. respectively, under aspirational categories. With hundreds of trees spread over 5 acres of central landscaped greens, Raymond Realty would offer a plethora of first of its kind amenities that cater to the finer nuances of every modern individual.
Driving the high velocity of sales through a superior product, this project is expected to be cash positive on a year on year basis and would not require significant debt funding. The peak funding till FY 20 is expected to be Rs. 250 crores only and a major part of this has already been spent in the planning phase and obtaining statutory approvals. In the phase 1, Raymond Realty is expected to achieve a top line of over Rs. 3500 crores with a profit margin of over 25% during the period of 5 years.
Speaking on the development, Gautam Hari Singhania, Chairman and Managing Director, Raymond Limited said, “In our continued efforts to enhance value for stakeholders, Raymond has forayed into Real Estate development in order to monetize the land at Thane. Keeping in mind the fact that this land parcel is in the heart of Thane, it offers a massive positive upside potential for venturing into the Real Estate sector. The decision is backed by our unmatched craftsmanship and eye-for-detail that has helped build the Raymond Legacy over the last century. Going forward, we intend to build a large integrated township that will have the potential to deliver a lifestyle well above the ordinary and still be in reach.”
K. Mukund Raj, CEO, Raymond Realty added, “Raymond Realty is inspired by the principle of ‘Go Beyond’ and it is our endeavor to re-imagine living spaces with contemporary design and the benchmarks of quality that come with the Raymond brand. Every home incorporates our values of Excellence, Style and a Timeless Appeal to create Modern Living. In this project we are offering world class services and amenities that Indian discerning consumers would avail for a delightful livelihood.”