Raymond Realty Secures Rs. 2,000 Crore Redevelopment Project in Mumbai’s Bandra East
Raymond Realty Secures ₹2,000 Crore Redevelopment Project in Mumbai's Bandra East
As per the company’s regulatory filing, the project holds a revenue potential exceeding ₹2,000 crore. Raymond Ltd’s board has given its approval for the project.
11th June 2024
Raymond Realty, the real estate division of Raymond Group, announced on 10th June that it has been chosen for the redevelopment of a housing project in the Bandra East area of Mumbai. As per the company’s regulatory filing, the project holds a revenue potential exceeding ₹2,000 crore. Raymond Ltd’s board has given its approval for the project.
Raymond Realty secured the redevelopment project with unanimous support from all members of the housing society MIG VI CHS Ltd. The project, strategically located in Bandra East, aligns with the company’s expansion strategy for real estate development in the Mumbai Metropolitan Region (MMR), as stated in a regulatory filing.
Previously, the company had entered into three joint development agreements for projects in Mahim, Sion and Bandra, collectively valued at over ₹5000 crore. With the addition of this project, the estimated Gross Development Value (GDV) of ongoing projects in Mumbai city will be approximately ₹7000 crore, as stated by the company.
The company emphasised that securing another project in Bandra further strengthens its position as a prominent developer in the region. Additionally, the unanimous support from the society members of MIG VI CHS underscores the company’s dedication to delivering upscale living environments and showcases its proficiency in managing extensive society and MHADA redevelopment projects.
Raymond Group’s inaugural venture into the Mumbai real estate sector was unveiled in February 2024, located in Bandra East. The project will feature a blend of 2, 3 and 4 BHK apartments, complemented by 30 amenities and a 16,000 sq ft clubhouse.
Adani Realty is active in the Bandra East micro-market, having acquired a 24-acre plot in Bandra West earlier this year. Additionally, the company is involved in the redevelopment and rehabilitation of Dharavi, which is located approximately 10 minutes away from Bandra.
According to local brokers, the market rate for properties in the Bandra East area ranges from ₹50,000 to ₹60,000 per square foot, varying based on factors such as the building’s amenities and its proximity to the Bandra Kurla Complex (BKC), India’s most expensive commercial district.
