Raymond Realty has signed a joint development agreement to build a major residential project in Parel, Mumbai, marking its entry into South Mumbai. The company said the project carries an estimated gross development value of Rs 85,000 million (mn), making it the largest development it has undertaken outside its flagship Thane land parcel to date. It also represents Raymond Realty's eighth joint development project in Mumbai city and forms part of the firm's strategic expansion plan.

The development site offers prominent location advantages, including elevated sea views and strong local connectivity. The project capitalises on immediate access provided by the newly commissioned Atal Setu to the Navi Mumbai International Airport, reducing travel time to the airport for residents. Plans envisage layouts that maximise those views and local amenity access.

Planned transport upgrades are expected to enhance the appeal and accessibility of the site. The Sewri-Worli Elevated Connector, scheduled to open by late 2026, is projected to shorten commutes to major business hubs such as Worli, BKC and Lower Parel, while an upcoming underground tunnel is slated to ensure seamless travel to Marine Drive and Nariman Point by 2028. These infrastructure links underpin the rationale for locating a high density residential project in Parel.

Raymond Realty said the project reinforces the momentum behind its Mumbai portfolio expansion and its focus on high value developments. The company framed the JDA as a landmark step that leverages strategic location benefits and upcoming connectivity enhancements. The announcement stated that the company will provide further updates on approvals and timelines as the project progresses. Execution timelines and further commercial details were not disclosed in the announcement.