Raymond Realty, the real estate arm of Raymond Group, on February 20, announced its first project launch in Mumbai real estate market. The project is in Bandra East going by the name of ‘The Address by GS, Bandra’. The project will have estimated development value of over Rs 2,000 crore and consists of developing 0.7 million sqft carpet on 2.74 acres land parcel for sale.
This strategic move followed the company’s plan for expansion beyond Thane through joint development agreements (JDAs) in Mumbai Metropolitan Region (MMR) region, the company said in a statement.
The project will have connectivity with prime locations like Bandra-Kurla Complex, Bandra-Worli Sea-Link and will offer diverse mix of 2,3 and 4 BHK apartments along with 30 amenities and 16,000 sqft clubhouse.
Also read: Oberoi, Raymond lead big push in Thane's real estate market
In a statement, Raymond Limited said, “Additionally, the residential project will have an exclusive high-street retail space amongst other amenities that aim to provide residents with an excellent living experience. This project also promises substantial economic returns, with projections indicating a revenue generation over Rs 2000 crore.“
“The Address by GS, Bandra is a significant milestone in our growth journey as this is our first project beyond Thane. This project aims to provide the joy of luxury living in a gated community with world class amenities in a prime location like Bandra East which also provides excellent connectivity to locations like BKC, domestic and international airports. In addition to the success of our previous projects," said Gautam Hari Singhania, Chairman and Managing Director, Raymond Group said.
"Bandra has not seen this large project in a long long time. This will 20 storey project for now and we will be constructing 0.7 million sqft RERA carpet on 2.74 acres of land parcel. The project is a redevelopment project of 10 buildings where the design is such that sale and rehab component are constructed on different land parcels. The RERA deadline for this project is January 2030," said Harmohan Sahni, CEO of Raymond Realty told Moneycontrol.
"The market rate in the vicinity for ready apartments is around Rs 60,000 per sqft, but currently for our type of product there is no comparable project. In a way, we are our own competitor here where we have to do better than before," Sahni added.
Currently, Raymond Realty is engaged in developing projects on its 100 acres land parcel in Thane. The company is monetising the land bank in Thane since 2019 by launching residential real estate projects. According to the company, the Thane land parcel has potential of close to Rs 25,000 crore in total.
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