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Raymond shares rise 2% as subsidiary bags new realty project worth Rs 2,000-cr

11 Jun , 2024   By : Debdeep Gupta


Raymond shares rise 2% as subsidiary bags new realty project worth Rs 2,000-cr

Shares of Raymond Limited surged 2 percent to Rs 2,600 in the morning on June 11 after its real estate arm Raymond Realty was selected for the redevelopment of another residential project in Bandra East, Mumbai.

It is also estimated to generate a revenue of more than Rs 2,000 crore over the project period, the company said in a regulatory filing. Raymond Realty had previously signed 3 joint development agreements in Bandra, Sion, and Mahim with an estimated revenue potential of over Rs 5,000 crore.

Spread across 2 acres, the project is strategically located at one of the most sought-after residential areas of Mumbai and estimated to have a revenue potential over Rs 2,000 crore over the project period," it said in a press release

The company said it would pursue the project after obtaining all the necessary internal and external approvals. "This is in line with the company's growth plans of real estate development in the Mumbai Metropolitan Region." With the addition of this project, the estimated Gross Development Value (GDV) of projects under execution will be around Rs 7,000 crore in Mumbai City.

Raymond shares have rallied nearly 50 percent since the start of the year.

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