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Exclusive | Raymond Realty to invest Rs 700 crore on 1 million sq. ft commercial project in Thane

Construction of the commercial project is expected to begin in March 2022 and it is expected to be operational by 2026

Harmohan H Sahni, CEO of Raymond Realty

Harmohan H Sahni, CEO of Raymond Realty

Raymond Realty plans to develop a ‘Grade A’ commercial and high-street retail space in Thane on 9.5 acres of land, with an estimated investment of around Rs 700–800 crore, CEO Harmohan H Sahni told Moneycontrol.

“The company intends to invest close to Rs 700 to Rs 800 crore for construction of the commercial project, which is expected to take off in the next fiscal. Construction and launch of the commercial project is expected to take place in March-April 2022. Currently, we are at the planning stage. Construction is expected to begin in March 2022 and the asset is expected to be operational by 2026,” Sahni said.

“The million square feet of land that Raymond Realty intends developing as part of the first phase is already owned by the company, so there is no investment in the land per se,” he added.

Sahni however also added that it may take four years for the asset to be fully constructed, leased out and operational.