Raymond secures redevelopment project in Mumbai

Early trading on October 30 saw Raymond's shares move higher as the company's subsidiary was able to secure a contract in Mahim, Mumbai. 

According to a press statement from the firm, "Ten X Realty Limited," a wholly-owned subsidiary of Raymond, has been chosen as the "Preferred Developer" for the redevelopment of Kumari Jethi T Sipahimalani CHS Ltd. (also known as Navjivan Society), which is located in Mahim West.

Over the course of the project, the 3.6-acre project is expected to bring in more than Rs 1,700 crores in revenue. After receiving the necessary internal and external permissions, the project will be pursued by the company.

This comes after the firm recently started building on its first project outside of Thane in Bandra East, and is consistent with the company's growth aspirations for real estate development in the Mumbai Metropolitan Region.

The unaudited financial results for the second quarter and half-year ended September 30, 2023 will be reviewed and approved by the company's board of directors at a meeting set for November 8, 2023.