Shares of Raymond Limited surged 2 percent to Rs 2,600 in morning on June 11 after its real estate arm Raymond Realty was selected for the redevelopment of another residential project in Bandra East, Mumbai.
It is also estimated to generate a revenue of more than Rs 2,000 crore over the project period, the company said in a regulatory filing. Raymond Realty had previously signed 3 joint development agreements in Bandra, Sion and Mahim with an estimated revenue potential over Rs 5,000 crore.
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Spread across 2 acres, the project is strategically located at one of the most sought-after residential areas of Mumbai and estimated to have a revenue potential in excess of Rs 2,000 crore over the project period," its said in a press release
The company said it will pursue the project after obtaining all the necessary internal and external approvals. "This is in line with the company's growth plans of real estate development in Mumbai Metropolitan Region." With addition of this project, the estimated Gross Development Value (GDV) of projects under execution will be around Rs 7,000 crore in Mumbai City.
Raymond shares have rallied nearly 50 percent since the start of the year.
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