By Rohit Sharma
Textile major Raymond Group with its new division Raymond Realty has decided to foray into real estate business by building residential units in Thane.
The company today announced that new division will develop 14 acres of land with 5 acres of central landscaped greens and amenities.
This first phase of the project will house 3000 residential units across 10 towers. Each of these 42-storey towers will house smart-sized 2-bed homes with carpet area configuration of 515 sq. ft. and 640 sq. ft. The company has already received over 500 Expression of Interest (EoI) in 30 days during the soft launch.
“The peak funding till FY 20 is expected to be Rs 250 crores only and a major part of this has already been spent in the planning phase and obtaining statutory approvals. In phase 1, Raymond Realty is expected to achieve a top line of over Rs 3500 crores with a profit margin of over 25% during the period of 5 years”, said the company in the statement.
Gautam Hari Singhania, Chairman and Managing Director, Raymond Limited said, “Raymond has forayed into Real Estate development in order to monetize the land at Thane. The decision is backed by our unmatched craftsmanship and eye-for-detail that has helped build the Raymond Legacy over the last century. Going forward, we intend to build a large integrated township that will have the potential to deliver a lifestyle well above the ordinary and still be in reach.”
With the central theme of Go Beyond, the company has undertaken the project to build quality housing for all. A large gated community named Aspirational District is spread over 14 acres.
Mukund Raj, CEO, Raymond Realty said, “In this project, we are offering world-class services and amenities that Indian discerning consumers would avail for a delightful livelihood.”