Raymond forays into real estate sector

Raymond has ventured into the real estate development business by starting its new division Raymond Realty. For its real estate development project, the textile major has carved out a 20-acre land parcel of 125 acre contiguous land at Thane Cadbury Junction. The company is expected be develop a 3-million sq ft residential project on it. The company has reportedly drawn this decision in order to enhance its shareholders’ value. Spread across 20 acre, Raymond Realty is expected to develop a total of 3,000 residential units across 10 towers. Each of the towers will reportedly be of 42-storey and will house two-BHK apartments with carpet area configuration of 510 sq ft and 630 sq ft in aspirational category. That said, the project is expected to offer around 5 acre of green landscape area along with hundreds of trees.The company has received all the requisite permissions for the project and is is expected to be completed in the next 5-7 years in phases. It is also planning to launch premium segment apartments with larger configurations after 6-9 months. Reportedly, it has already received around 450 applications for these apartments through soft launch of the project for its employees and their families.