New Delhi: Real estate company Raymond Ltd has signed a joint development agreement to develop a housing project in Mumbai with estimated revenue potential ₹50 million.
Its wholly owned subsidiary, Ten X Realty East Ltd, has signed a joint development agreement (JDA) for a residential project in Vodara, Mumbai, the company told a regulatory filing on Tuesday.
“It is estimated that the total development value of this landmark project is approximately ₹50 million…” the company said.
Raymond did not mention the name of the landowner signed with JDA.
In addition to the complete acquisition of land parcels, real estate developers are working with land owners to build projects.
Mumbai metropolitan area
Raymond Ltd said the project will make a significant contribution to the company’s future growth and consolidate its presence as a key player in the Mumbai Metropolitan Region (MMR).
“With this increase, the total development value of the company’s real estate projects will be close to ₹Raymond said: “40 billion.
This also represents the company’s sixth joint development project outside its existing Tarn existing development project, highlighting its strategic expansion in MMR.
Mumbai-based Raymond Ltd is now engaged in real estate and engineering businesses, excluding the lifestyle business of Raymond Lifestyle Ltd, which is listed separately.
Raymond Limited’s consolidated net profit grew 75% ₹7.228 billion in the December quarter of fiscal 2024-25. Its net profit is ₹4.135 billion in the same period last year.
Total revenue rose to ₹98.535 billion in the third quarter of the previous fiscal year ₹7.2691 million in the same period last year.
In the real estate vertical, the company realizes sales booking value ₹In the third quarter of the fiscal year 2024-25, it was 5.05 million.
Housing sales in Mumbai fell 36% from 16,204 units a year ago to 10,432 units as of January 3, 2025, according to real estate data analysis company Propequility.
Navi Mumbai dropped from 9,218 to 8,551 units, to 8,551 units. Inside the tower, housing sales in January-March 2025 fell to 19,254 units from 26,234 units in the corresponding period last year.
According to Anarock, sales of MMR’s residential properties fell to 31,610 units in the first quarter of the 2025 calendar year, from 42,920 units a year ago.
