Raymond Realty forays into commercial development, Real Estate News, ET RealEstate
NEW DELHI: Raymond Realty plans to develop Class A commercial and retail space on Thane properties, which extend over 9.5 acres, the company said in a press release.
The company also plans to build 3 and 4 BHK configurations of residential units covering an area of 1 million square feet.
Raymond Realty said it is evaluating several options through a joint non-land development agreement in the Mumbai metropolitan area.
“The current project has now given us enough confidence to broaden our horizons beyond Thane, and our real estate involvement is not just limited to land monetization. We are exploring various options for co-development without land acquisitions outside of Thane, ”said Gautam Hari Singhania, Chairman and CEO of the company.
With over 100 acres of land in Thane, Raymond entered the real estate space in 2019 with his “10X” project, which spans 14 acres.
“Structurally, the first three towers of our maiden project have been completed and we are committed to delivering the first unit 24 months ahead of the stated RERA deadline,” said Singhania.