Raymond Realty Expands Its Horizons, Forays in Commercial Real Estate

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New Delhi: Raymond Realty plans to develop 'Grade A' commercial and high street retail space at Thane land spread across 9.5 acres, the company said in a media release. The company, which de-merged from the textile major parent, holds a sizeable land parcel in Thane. They will build one million square feet of commercial space as part of the first phase. It will include over 8 lakh sq ft of premium space to be rented out to companies, while the remainder will be a high street shopping space

The company announced its foray into the commercial segment on Tuesday (October 5, 2021). Reportedly it is also evaluating several options through a joint development agreement without land acquisition in MMR (Mumbai Metropolitan Region)

Working at a very fast pace Raymond Realty will be delivering its first unit ahead of 24 months of the RERA deadlines.

“Two years ago when we came into the business everybody said what is Raymond doing in the real estate business and what do they understand about the business. I think the biggest advantage we had coming into this business was that we understood nothing about it. And we rewrote the rules of the book to be able to craft our own journey and write the book to say that this is the way it should be done,” Gautam Hari Singhania, Chairman and Managing Director of Raymond said.

“Many firsts here – people said will they actually construct these buildings? Well, they are up. As a company, we have been the fastest real estate site in the company and that too through the pandemic. We have put up a slab every seven days. This is the first thing that is different,” he added.

On December 10, 2022, at 10 am we will hand over the keys to the first apartment. This is a big statement, a big brand reinforcement. As a company, we are cognizant of the pandemic and we are emphatic to our customers. We have taken a decision that any customer whose money has been forfeited, has 24 months to come back to us and we will give him credit for every rupee that he has paid us,” he said.

He said the real estate business has become a significant vertical for the Raymond Group. “This is just the beginning. We have demerged this business with the approval of the board. And the idea is to take this business for its humble beginnings to a completely different level,”  GH Singhania  added. The company plans to carve out a subsidiary for its real estate business.

“We are creating a subsidiary for the real estate business. All projects will be transferred into the subsidiary. It will be a pure-play real estate entity that will, going forward, manage its own funding, raise its own funds, and then work on the expansion. Going forward, we will focus on joint development and not buy any fresh land. We already have a land bank in Thane which is adequate for us for many years to come,” said Harmohan H Sahni, CEO, Raymond Realty.

So far, Raymond Realty has sold over 70 percent of the total launched inventory of nearly 2,350 units at its maiden project, called 10X. The township project’s first phase has 10 towers spread across 14 acres, with a saleable area of 2.8 million sq. ft.

The company has also announced that customers who have been unable to make payments and had to get their unit forfeited due to financial challenges because of the pandemic, can now get the forfeited amount adjusted till 24 months in case they would like to book a flat again.


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