Ten X Realty – a subsidiary of Raymond Ltd, has emerged as the preferred developer for a redevelopment project in Mumbai. The revenue potential of this project is 1700 INR-Crore.
Ten X Realty will be responsible for the redevelopment of Navjivan society in Mahim West, Mumbai. The project sprawls across 3.6 Acres of land parcel and the work will commence after receiving external and internal clearances.
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Following a restructuring exercise earlier this year that involved the sale of its FMCG (Fast Moving Consumer Goods) business to Godrej Consumer Products, Raymond Ltd is now focusing on real estate while Raymond Consumer Care is handling branded apparel.
In addition to its over 60-acre land bank in Thane, the company plans to expand through joint ventures and joint development agreements in Mumbai. An investment of about 300 INR-Crore was also approved by the company’s board earlier this month in Ten X Realty for the redevelopment of a housing society in Bandra.
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