Raymond expands real estate business

Raymond Ltd is planning to expand its real estate business through joint development agreements with other landowners and joint venture projects while it will also be monetising the over 60-acre land bank that it holds in Thane in Mumbai.

Raymond Ltd is planning to expand its real estate business through joint development agreements with other landowners and joint venture projects while it will also be monetising the over 60-acre land bank that it holds in Thane in Mumbai.

After selling its FMCG business to Godrej Consumer Products in May the Raymond Group plans to focus on real estate under Raymond Ltd and the branded apparel business under Raymond Consumer Care, which will soon be listed.

The company has launched three projects so far, all in Thane, and last year it reported bookings of ?1,600 crore from the projects. In two projects 80 per cent of the inventory has been sold; in the recently launched third project, a quarter of the inventory has been sold and the company sees a total revenue potential of ?1,400 crore.