Raymond Realty expands into commercial real estate business in Thane

Raymond Realty is planning to develop Grade A commercial and high-street retail space on 9.5 acres of land in Thane.

The company also plans to create residential units with 3 and 4 bedrooms across 1 million square feet.

Raymond Realty is evaluating several options in the Mumbai Metropolitan Region, including joint development agreements rather than land acquisition, as per the statement.

According to Gautam Hari Singhania, chairman and managing director of the company, the current project has encouraged the company to expand beyond Thane and that its real estate venture is not limited to land monetization.

Outside of Thane, the company aims at investigating various joint development options without acquiring land.

Raymond entered the real estate market in 2019 with its project 10X, which is spread over 14 acres and spans over 100 acres of land parcel in Thane.

The first three towers of the maiden project are structurally complete, according to Singhania, and the company plans to deliver the first unit 24 months ahead of the RERA deadline.

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