By Accommodation Times News Services
The leading textile company Raymond has decided to develop the plot it owns in Thane as their efforts of selling the land failed. They were in to an agreement with a local developer to sell 9.4 acres of a 125 acre plot, which could not proceed. Now, they are planning to carry out developments on the plot on their own. The company has recently submitted a proposal to the state government seeking environment clearance for the prime piece of property. State government will soon conduct a hearing state environment assessment committee on their proposal.
When approached Raymond officials they said, “the company is getting the clearances in place. We are open to the option of selling the land and also developing it on our own.” In 2012, the company’s talks with the developer to sell the land fell flat after the developer, said to be Cosmos Group, cited financial constraints (the sales price quoted was approximately Rs 150 crore) and that the project was unviable due to reservations and located close to slums as reasons for not inking the deal.
As per Real Estate experts it is good if Raymond is commencing the development on their own and the company has appointed talented professionals to do the work Raymond has appointed Milind Pathare, who has worked with several leading developer firms to head their real estate section. The company’s management may also take a cue from the Ajay Piramal Group, who have expanded from their core expertise to setting up their own real estate company.