Raymond Limited announced today that its wholly-owned subsidiary, Ten X Realty East Limited, has signed a Joint Development Agreement for a residential project in Wadala, Mumbai. The project has an estimated gross development value of approximately ₹5,000 crore.
The shares of Raymond Limited were trading at ₹1,378.45 down by ₹24.50 or 1.75 per cent on the NSE today at 1.15 pm.
This marks Raymond’s first residential development in the Wadala area and represents the company’s sixth joint development venture outside its existing Thane projects. The agreement aligns with Raymond’s strategic expansion plans within the Mumbai Metropolitan Region (MMR).
With this addition, Raymond Limited’s total Gross Development Value across its real estate projects will approach ₹40,000 crore, strengthening its position in the competitive MMR real estate market.
Raymond Limited, which began as a fabric manufacturer in 1925, has transformed significantly following the demerger of its Lifestyle Business into a separate listed entity in 2024. The company now focuses on two core businesses: real estate and engineering.
Raymond Realty has rapidly established itself among India’s top 10 real estate developers, notably delivering its first project two years ahead of RERA timelines. The company’s engineering division maintains leadership in manufacturing files and hand tools with a substantial presence in domestic and international markets.
The company recently acquired Maini Precision Products Limited (MPPL), positioning its engineering business to target high-growth precision engineering products for the automotive, EV, aerospace, and defense sectors.
Published on April 1, 2025
