Raymond’s real estate arm is making another big move in Mumbai’s property market! The company has signed an agreement to jointly develop a residential project in Mahim on a 2-acre land parcel through a revenue-share model. The project, undertaken by Ten X Realty West (a subsidiary of Raymond), has an estimated gross development value (GDV) of Rs1,800 crore.
This new venture is part of Raymond’s broader strategy to expand its presence in Mumbai by forming joint development partnerships. The Mahim project will be Raymond’s second in the locality and its fifth outside of Thane, reinforcing its ambition to establish a strong foothold in the city’s competitive real estate space.
As per the agreement, Raymond will share 18-20% of the revenue with the partner holding the development rights for the land parcel, which consists of a mix of slum rehabilitation and Maharashtra Housing and Area Development Authority (MHADA) land.
The project is expected to see strong demand due to its strategic location near Bandra-Kurla Complex (BKC) one of Mumbai’s key business districts. According to Saurabh Shatdal, MD, Capital Markets and Head Retail-India at Cushman & Wakefield, the micro-market in Mahim has low inventory levels and high demand, which will help ensure steady sales for the project.
“The project will benefit from the area’s excellent connectivity, well-established residential catchment, and infrastructure improvements in recent years,” said Shatdal, whose firm advised on the transaction.
With limited vacant land available, redevelopment and rehabilitation have become the backbone of Mumbai’s real estate sector. The Maharashtra government has been pushing for faster slum redevelopment, with Deputy CM Eknath Shinde recently reaffirming the government’s commitment to making Mumbai slum-free.
Shinde announced plans to accelerate slum rehabilitation projects by integrating efforts with the Slum Rehabilitation Authority (SRA) and other agencies. The goal is to replace densely populated informal settlements with organised residential developments featuring modern amenities and essential infrastructure.
With Raymond stepping up its game in Mumbai’s real estate sector and the government actively pushing for redevelopment, projects like this are set to reshape the city’s skyline. As Mahim undergoes transformation, homebuyers and investors can look forward to modern housing options in one of Mumbai’s most well-connected neighbourhoods. Exciting times ahead for Mumbai’s real estate market.
Source: The Economic Times
