Textiles major Raymond Group has forayed into real estate by introducing a 3.3 million square feet residential project in Thane.
The project will be developed by its real estate arm Raymond Realty. It will house 3,000 residential units across 10 towers in the first phase on a 20-acre land parcel that Raymond owns in Thane. This is part of the Raymond group’s plan for monetising its non-core assets to pare debt.
Gautam Hari Singhania, Chairman and Managing Director, Raymond, said, "In our continuous efforts to enhance value for stakeholders, Raymond has forayed into real estate development in order to monetise the land in Thane."
"Since the land parcel was in the heart of Thane, it offered huge potential for venturing into real estate and that going forward Raymond intended to build a large integrated township at that location," he added.
Sanjay Bahl, CEO of Raymond, stated, "The project would be largely funded through revenue being generated by itself. Over and above that, we will invest Rs 250 crore, a major part of it is already spent in the planning and obtaining approvals for the project."
