Raymond Realty bags second redevelopment project in Bandra (East)

~Project to generate a revenue of more than 2000 crore over the project period~

ü Raymond Realty chosen as a preferred developer for the redevelopment of another residential project in Bandra East, Mumbai

ü The second project in Bandra to have an estimated development value of over

₹ 2000 crore

ü A prestigious landmark in Bandra, this project spreads over an area of 2 acres

ü Raymond Realty had previously signed 3 JDAs in Bandra, Sion and Mahim with an estimated revenue potential over ₹ 5000 crore

Bengaluru, Monday, 10 June 2024: Raymond Realty, the real estate arm of Raymond Group today announced that it has been selected for the redevelopment of another residential project – MIG VI CHS Ltd situated in Bandra East, Mumbai. Today, the board of Raymond Ltd approved the project. Raymond Realty won this project with 100% votes by the members of society for the redevelopment. The project is strategically situated in one of the most sought-after residential areas of Mumbai and is known as a prestigious landmark in Bandra East. It is also estimated to generate a revenue of more than ₹ 2000 crores over the project period. This expansion in projects is in line with the Company’s aggressive growth plans of Real Estate development in Mumbai Metropolitan Region.

Previously, Raymond Realty had signed three joint development agreements for projects in Mahim, Sion and Bandra with an estimated development value of over ₹ 5000 Crore. With addition of this project, estimated Gross Development Value (GDV) of projects under execution will be around ₹ 7000 Crore in Mumbai City. The addition of another project in Bandra has also solidified the company’s position as one of the leading developers in the area. Moreover, receiving a 100% vote of confidence from the society members of MIG VI CHS underscores the company’s commitment to providing luxurious living spaces and highlights its expertise in handling large Society and MHADA redevelopment.