~Completes its maiden project in record period of 24 months ahead of RERA deadline~
Bangalore, December 10, 2022: Raymond Realty marked a momentous milestone to celebrate the completion of TenX habitat towers, the maiden project of the group’s real estate venture. The first three towers in the project have been completed 24 months ahead of RERA timelines. This aspirational project envisaged to elevate the benchmark of living standards in Thane was launched in 2019 and designed by renowned architect Hafeez Contractor. TenX Habitat are currently the tallest towers in Thane skyline of 42 floors comprising of 10 towers.
A first few buyers were handed over the keys to their exquisite flats by Gautam Hari Singhania, Chairman and Managing Director, Raymond Group, during the event. Speaking on the occasion he commented; “It is a very proud moment for us to have achieved this commendable feat in just three years of our operations that many established players have not been able to do so. Last year in the month of October, we made a commitment to deliver a part of our maiden project TEN X on 10th December 2022 and I am delighted that we lived up to our promise. We have set an industry benchmark by delivering 3 towers, 24 months ahead of RERA deadline and we were able to achieve this despite facing many headwinds like COVID, escalation in raw material prices among many others. Today, we are extremely delighted that Raymond Realty which is our new business has kept its promise to its customers that further enhances our core values of Trust, Quality and Excellence.
The project has been designed on principles of sustainability, modern architecture and contemporary design. Located in the heart of the city at Pokhran Road, the project offers access to social infrastructure such as Singhania Schools, hospital, malls, retail and connectivity with major arterial roads such as the Eastern Express Highway, Ghodbunder Road and Mumbai-Nashik Highway, while also celebrating a new way of living life that lets residents escape from the urban realm.
Harmohan Sahni, CEO, Raymond Realty commented; “Having taken on the onus to deliver a project of this size and scale amidst the backdrop of the pandemic was no easy feat. With a whole new team, labour crunch and the restrictions, we geared up to this challenge to create a landmark project which is first of its kind in the MMR region. At Raymond Realty, we constantly strive to create world class products that set new benchmarks in the industry.”
Last month, Raymond Realty topped the IndexTap Premier League Chart for Thane region. The group’s premiere real estate projects – The Address by GS and TenX Habitat – have bagged the first and the second position in Thane city region with 78 and 124 units sold worth ₹201 crores and ₹147 crores, respectively. This achievement stands in line with Raymond Realty showcasing a strong sales growth by three-fold to ₹245 crores from ₹81 crores compared with the previous year in the second quarter. The realty segment also reported a quarterly EBITDA margin of 25.8%.