Diversified group Raymond on Wednesday announced foray into the real estate sector and launched its first housing project in Mumbai with an expected revenue of Rs 3,500 crore.
Raymond Realty, the new division of the group, will develop a 14-acre housing project at Thane in Mumbai. The company will construct 3,000 apartments in the first phase.
Several Indian big corporate houses including Tata, Godrej, Mahindra, Bombay Dyeing and Emami group have entered the real estate sector over last one decade.
“In our continued efforts to enhance value for stakeholders, Raymond has forayed into real estate development in order to monetise the land at Thane,” Raymond Chairman and MD Gautam Hari Singhania said. The land parcel is in the heart of Thane and offers a good potential for venturing into the real estate sector, he added.
Raymond group said this project is expected to be cash positive and would not require significant debt funding.