Raymond Realty Secures JDA for ₹1,800 Crore Residential Project in Mahim

8 Feb 2025 , 09:21 PM

Also, Raymond Ltd’s subsidiary, Ten X Realty West Ltd., has entered into a Joint Development Agreement (JDA) for new residential project in Mahim West, Mumbai.

It is the second residential development for Raymond in the Mahim locality, cementing its roots in the Mumbai real estate market. The project is expected to have revenue potential of ₹1,800 crore and will add to the company’s growing re­al estate portfolio.

The Jacobs Building is Raymonds fifth project in the outside Thane city expansion undertaken by Raymond in its strategic diversification from Thane city.

The realty subsidiary of Raymond Ltd, Raymond Realty, is one of the top 10 real estate developers in India with a total estimated GDV of nearly ₹35,000 crore across all its projects. The company, once a leader in fabric-making, has diversified into real estate and engineering, particularly following the demerger of its lifestyle business in 2024.

For Q3 FY24, the company posted a 61% year-on-year drop in net profit to ₹72.3 crore, as opposed to ₹185.4 crore in the same quarter last year. The profit fall was partly because its Lifestyle business was demerged and it boosted earnings last fiscal year. Raymond’s revenue from operations was up 40.6% year-on-year to ₹953.9 crore, owing mainly to the strong showing in real estate, despite the steep fall in profit.