Raymond realty plans 10 towers in Mumbai

Textile manufacturing major Raymond has recently ventured into real estate business with a new division Raymond Realty and has decided to build 10 towering 42-storey towers on its 125 acre of land parcel in Thane. For its maiden real estate development project, the company has carved out a 20-acre land parcel of the total land holding and will be developing a nearly 3 million sq ft residential project, president & CEO - Real Estate wing, K Mukund Raj said, elaborating that the company will be developing total 3,000 residential units across 10 towers. Each of these towers will house 2 bedroom apartments with carpet area of 510 sq ft and 630 sq ft in aspiration category. The project will also offer around 5 acres of central landscape green area and the player has already received around 450 applications for these apartments through soft launch of the project for its employees and their families. The current property prices in the vicinity range between ₹10,000 and ₹14,000 per sq ft. The company has already received all the requisite clearances for the project that is expected to be completed over the next 5-7 years in a phased manner and to start with it is planning to launch premium segment apartments with larger configurations soon.