Leading realtor Raymond Realty Ltd has signed a Joint Development Agreement (JDA) to develop a premium residential project in Parel, marking its entry into South Mumbai.
The project has an estimated Gross Development Value (GDV) of around ₹8,500 crore, making it the company’s largest development outside its flagship Thane land parcel.
It is also Raymond Realty’s eighth joint development project in Mumbai, reinforcing its asset-light growth strategy.
Expansion in Mumbai
The company said the project offers an opportunity to develop a large-scale residential project in one of Mumbai’s prime locations. It expects the development to strengthen its presence in the city’s premium housing market and contribute significantly to its future growth.
With the addition of the Parel project, Raymond Realty’s cumulative Gross Development Value across its portfolio will rise to nearly ₹52,000 crore, reflecting its rapid expansion through joint development projects across the Mumbai Metropolitan Region.
Growth strategy
Raymond Group Chairman Gautam Hari Singhania said “Our expansion continues to be guided by an asset-light, partnership-led approach that enables us to unlock value in some of Mumbai’s most sought-after locations.
This project reflects our commitment to nation building and our confidence in Mumbai’s enduring growth story, shaping the next generation of urban living,” he said.
Raymond Realty Managing Director & CEO Harmohan Sahni said “This landmark Joint Development Agreement in Parel marks a significant milestone in our expansion into South Mumbai and underscores our confidence in the long-term potential of Mumbai’s premium residential market.”
Company background
Raymond Realty is the real estate arm of Raymond Group. The company has established a strong presence in the Mumbai Metropolitan Region with residential developments in Thane and has been expanding through an asset-light, joint development model.
The Parel project marks its foray into South Mumbai and is the largest project undertaken by the company outside its Thane land parcel.