Raymond enters realty with Thane complex
The group has already floated a new company- Raymond Realty to take care of its real estate business.
Kolkata: Raymond Ltd, the diversified conglomerate known mostly for its textile and apparel brands like Raymond Ready to Wear, Park Avenue, Color Plus, Parx, Raymond Made to Measure, among others, is now making inroads into the country’s realty segment.
The group has already floated a new company- Raymond Realty to take care of its real estate business. And as starter, the newly floated company has taken up its maiden residential project in Thane (Maharashtra).
The 14-acre residential complex at Thane in Mumbai will house as many as 3,000 units in the first phase of the project over a period of five years and the company is looking at a revenue of over Rs 3500 crore from its realty business, top company officials said.
Interestingly, a number of large Indian companies like Tata, Godrej, Mahindra, Bombay Dyeing and Emami group have already forayed into the country’s realty space. Raymond has now joined the bandwagon. Raymond will invest up to Rs 250 crore in the project till 2019-20, majority of which has already been used up for planning and regulatory approvals.