Raymond Realty Ltd, a real estate developer focused on the Mumbai Metropolitan Region (MMR), has agreed to secure a financial investment of ₹210 crore from ICICI Prudential Real Estate Development Fund for a redevelopment project in the region.
The investment will be routed through Ten X Realty West Ltd, a wholly owned subsidiary of Raymond Realty. The two investors will jointly invest in the subsidiary in accordance with the terms of definitive agreements.
Investment to support redevelopment
ICICI Prudential Real Estate Development Fund is a scheme of ICICI Prudential Real Estate AIF, a Category II alternative investment fund represented by its investment manager, ICICI Prudential AMC Ltd.
The investment is intended to facilitate the redevelopment of one of Ten X Realty West’s projects in the Mumbai Metropolitan Region. The arrangement is expected to support project execution and capital deployment.
Management comment
“This investment allows us to scale rapidly, optimise capital efficiency, and accelerate project timelines while staying firmly committed to our core promise of sharp execution and delivering long-term value to our stakeholders,” Raymond Realty, Managing Director and CEO, Harmohan Sahni, said.
Portfolio reaches ₹52,000 crore
Raymond Realty’s total portfolio has reached a gross development value (GDV) of ₹52,000 crore, reflecting its presence across multiple projects in the MMR.
The company has also shifted towards an asset-light model based on joint development agreements (JDAs), enabling it to undertake projects in partnership with landowners while managing its capital commitments.
JDA projects account for 52% of GDV
Raymond Realty’s JDA portfolio now comprises eight projects with a combined revenue potential of ₹27,000 crore, accounting for approximately 52% of its overall GDV.
The company’s strategy centres on expanding its development pipeline while improving capital efficiency and maintaining execution discipline.
The latest investment agreement adds to its funding options for redevelopment projects and supports its efforts to expand its presence in the Mumbai Metropolitan Region.