Raymond's share price rose over 7 percent on February 21, a day after the group's real estate arm Raymond Realty announced the launch of its first project outside Thane ‘The Address by GS, Bandra’.
The move followed the company’s plan for expansion beyond Thane through joint development agreements (JDAs) in the Mumbai Metropolitan Region (MMR).
"As the name suggests, this development is inspired by the tremendous success of Thane’s flagship project ‘The Address by GS’ which has emerged as Thane's bestseller in premium category and is set to be delivered two years ahead of its timeline," the company said in a release.
‘The Address by GS, Bandra’ project spreads over an area of 2.74 acres, offering a gated community in Bandra East with connectivity to locations like Bandra-Kurla Complex, and Bandra-Worli Sea link along with the rest of the city.
The project will offer a mix of 2, 3, and 4 BHK apartments. "This project promises substantial economic returns, with projections indicating a revenue generation over Rs 2,000 crore," Raymond said.
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The Raymond Group entered the real estate space with Raymond Realty, a venture exclusively headed by Group Chairman and Managing Director Gautam Singhania.
Speaking about the new project in the MMR, Singhania said, "The Address by GS, Bandra is a significant milestone in our growth journey as this is our first project beyond Thane."
At 12:37 pm, Raymond shares were trading 6 percent higher at Rs 1,881 on the National Stock Exchange (NSE). Over the past year, the stock has outperformed Nifty in terms of returns as it rose 45 percent compared to a 24 percent rise in the benchmark during this period.
Also Read | Raymond Group announces 1st project in Mumbai real estate market at Bandra, aims to rake in over Rs 2,000 cr
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