Raymond ventures into real estate development through Raymond Realty
Plans an ‘aspirational district’ with 3000 units project in Phase 1
Raymond Group, India’s fashion and textile retailer, has foraying into the real estate development business, as an effort towards constant evolution under its vision of Raymond Re-imagined. The company has set up a new division called ‘Raymond Realty’ for its maiden venture into the real estate sector. With central theme of ‘Go Beyond’, the company has undertaken the project to build quality housing for all. A large gated community named ‘Aspirational District’ is spread over 14 acres that celebrates a new epoch in living.
This first phase of the project will house 3000 residential units across 10 towers. Each of these 42-storey towers will house smart-sized 2-bed homes with carpet area configuration of 515 sq-ft and 640 sq-ft respectively, under aspirational categories. With hundreds of trees spread over five acres of central landscaped greens, Raymond Realty would offer a plethora of first of its kind amenities that cater to the finer nuances of every modern individual.
Driving the high velocity of sales through a superior product, this project is expected to be cash positive on a year on year basis and would not require significant debt funding. The peak funding till FY20 is expected to be Rs 250 crores only and a major part of this has already been spent in the planning phase and obtaining statutory approvals. In Phase 1, Raymond Realty is expected to achieve a top line of over Rs 3500 crore with a profit margin of over 25% during the period of five years.
Gautam Hari Singhania, CMD, Raymond, said, “We have forayed into real estate development in order to monetise the land at Thane. Keeping in mind the fact that this land parcel is in the heart of Thane, it offers a massive positive upside potential for venturing into the real estate sector. The decision is backed by our unmatched craftsmanship and eye-for-detail that has helped build the Raymond Legacy over the last century. Going forward, we intend to build a large integrated township that will have the potential to deliver a lifestyle well above the ordinary and still be in reach.”
Each apartment is designed in a manner that takes into account the quintessential need of optimal space utilisation thereby bringing smart-sized homes with minimal carpet area wastage, without compromising on the hygiene elements like cross ventilation, natural light and much more. The project features state-of-the-art eco-friendly inclusions like rainwater harvesting, a waste recycling plant along with other such energy conservation ideas.
K Mukund Raj, CEO, Raymond Realty, said, “Raymond Realty is inspired by the principle of ‘Go Beyond’ and it is our endeavor to re-imagine living spaces with contemporary design and the benchmarks of quality that come with the Raymond brand. In this project we are offering world class services and amenities that Indian discerning consumers would avail for a delightful livelihood.”