Mumbai : The developer is targeting a turnover of Rs 2,000 crore for the residential project. Overall, the company has potential for a turnover of Rs 27,000 crore, including a 6 lakh sq ft construction in Bandra and a 100 acre land bank in Thane.
We want to focus on the residential real estate segment and will soon start commercial real estate as well, said Harmohan Sahni, CEO of Raymond Realty.
Raymond Realty plans to launch a 2,3,4 BHK premium apartment project at Bandra Micromarket in Mumbai and is targeting a turnover of Rs 2,000 crore. The company plans to launch the 0.6 million-square-foot project by the end of the current fiscal year, subject to approvals, Harmohan Sahni, chief executive of Raymond Realty, told Moneycontrol.
Overall, including the Bandra project, the company has a potential of around Rs 27,000 crore, considering the 100-acre plot of land it owns in Thane, near Mumbai.
Raymond, a major textile company, had ventured into real estate in 2019 by launching a residential property project on its factory grounds in Thane. The factory closed more than a decade ago and the company has been monetizing the land bank by building residential units on it.
On the company's 100-acre plot of land in Thane, it has an earning potential of about Rs 25 billion, of which Rs 9 billion has been released and half has been set aside, according to the company. Since 2019, the company has launched residential projects with 1,2,3,4,5,6 BHK apartment configuration.
The price per square foot in the Thane property market ranges from Rs 15,000 to Rs 25,000, depending on the locality and various other factors, according to local brokers.
