Raymond Expands Real Estate Footprint with 5th Joint Development Agreement in Mumbai

Raymond Limited has announced its latest milestone in the real estate sector, with its 100% owned step-down subsidiary, Ten X Realty West Limited, signing a significant Joint Development Agreement (JDA) for a residential project in Mahim West, Mumbai. This marks the company’s second residential project in the locality and its 5th overall project beyond its existing developments in Thane.

The share price of Raymond was trading 0.40% higher as of 11:35 AM on February 7, 2025.

Strategic Expansion in the Mumbai Metropolitan Region

The newly signed JDA aligns with Raymond’s growth strategy in the Mumbai Metropolitan Region (MMR), reinforcing its position as a major player in the real estate sector. With an estimated revenue potential of ₹1,800 crore, the Mahim West project is set to contribute significantly to the company’s future growth and overall portfolio expansion.

With this addition, the total Gross Development Value (GDV) of Raymond’s real estate projects now stands at approximately ₹35,000 crore, further solidifying its presence in one of India’s most dynamic property markets.

A Legacy of Diversified Growth

Raymond Limited, originally established in 1925 as a pioneer in fabric manufacturing, has successfully diversified into multiple sectors, including engineering and real estate. Following the demerger of its Lifestyle Business into a separate listed entity in 2024, Raymond now focuses on two core business segments: Real Estate and Engineering.

Raymond Realty has quickly risen to prominence, ranking among the top 10 real estate developers in India. Notably, it stands as the only real estate player in India to have delivered its maiden project two years ahead of the RERA timeline, further strengthening its credibility among homebuyers in the MMR region.

Engineering Business Strengthens Market Position

Alongside real estate, Raymond’s engineering business remains a key pillar of its operations, holding a leadership position in the manufacturing of files and hand tools. With the recent acquisition of Maini Precision Products Limited (MPPL), Raymond’s engineering division is set to expand further into high-growth sectors, including automotive, electric vehicles (EV), aerospace, and defence.

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