Raymond Realty bags project to redevelop housing society in Mumbai; eyes over Rs 2,000 crore revenue

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Mumbai, Jun 10 (PTI) Raymond Realty has bagged a project to redevelop a housing society in Mumbai with an estimated revenue potential of more than Rs 2,000 crore.

In a regulatory filing on Monday, Raymond Ltd informed that its arm Raymond Realty has been "selected for the redevelopment of another residential project - MIG VI CHS Ltd situated in Bandra East, Mumbai." The board of Raymond Ltd has approved the project.

"Raymond Realty won this project with 100 per cent votes by the members of society for the redevelopment," the filing said.

The company said the project is estimated to generate a revenue of more than Rs 2,000 crore over the project period.

Previously, Raymond Realty had signed three joint development agreements for projects in Mahim, Sion and Bandra with an estimated development value of over Rs 5,000 crore.

With the addition of this project, the estimated Gross Development Value (GDV) of projects under execution will be around Rs 7,000 crore in Mumbai City, Raymond said. PTI MJH DR