The Real estate arm of Raymond Group, Raymond Realty, declared the launching date of its first project launch in Mumbai real estate market. The project is situated in the Bandra East and the name of the project is ‘The Address by GS, Bandra’. The project will have estimated development value of over Rs. 2,000 crore and consists of developing 0.7 million sqft carpet on 2.74 acres land parcel for sale.
According to the statemnet of Harmohan Sahni, CEO of Raymond Realty, stated that, the company plans to launch the 0.6 million sqft project with premium 2,3,4 BHK apartments project in the Bandra micro-market by the end of the ongoing fiscal year, subject to approvals. This strategic move followed the company’s plan for expansion beyond Thane through joint development agreements (JDAs) in Mumbai Metropolitan Region (MMR) region.
The complex will be well connected with with prime locations like Bandra-Kurla Complex, Bandra-Worli Sea-Link and will offer diverse mix of 2,3 and 4 BHK apartments along with 30 amenities and 16,000 sqft clubhouse.
The company also added that, in addition to that, the residential project will have an exclusive high-street retail space amongst other amenities that aim to provide residents with an excellent living experience. This project also promises substantial economic returns, with projections indicating a revenue generation over Rs. 2000 crore.
Chairman and Managing Director, Raymond Group, quoted, “The Address by GS, Bandra is a significant milestone in our growth journey as this is our first project beyond Thane. This project aims to provide the joy of luxury living in a gated community with world class amenities in a prime location like Bandra East which also provides excellent connectivity to locations like BKC, domestic and international airports."
In an interview,CEO of Raymond Realty, Harmohan Sahni, “We are targeting a 25 percent compound annual growth rate (CAGR) for the next four to five years, and are looking for projects having a topline potential between say Rs. 1,000 crore and Rs. 4,000 crore. But at the same time we are looking to remain focused on MMR for the next three to five years at least.”
Further, the company is engaged in the construction of developing projects on its 100 acres land parcel in Thane. The company is monetizing the land bank in Thane since 2019 by launching residential real estate projects which has potential of close to Rs. 25,000 crore in total.
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