Raymond Realty has signed a joint development agreement (JDA) for a premium residential project in Mumbai's Parel, marking its entry into the South Mumbai market and adding another large project to its expanding development pipeline.
The project has an estimated gross development value (GDV) of around Rs 8,500 crore, making it the company's largest development outside its flagship Thane land parcel. It is also Raymond Realty's eighth joint development project in Mumbai, underscoring the company's continued focus on expanding through an asset-light development model.
With the addition of the Parel project, Raymond Realty's total real estate portfolio will increase to an estimated Rs 52,000 crore in GDV, according to the company's exchange filing.
The proposed development is planned as a premium residential project and will be located in one of Mumbai's established real estate markets. The company said the site offers connectivity to key commercial hubs such as Worli, Bandra-Kurla Complex (BKC) and Lower Parel, while also benefiting from infrastructure projects including the Atal Setu, the Sewri-Worli Elevated Connector and the proposed Metro Line 11.
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Commenting on the development, Gautam Hari Singhania, Chairman of the Raymond Group, said the company remains focused on expanding through an asset-light, partnership-led approach, allowing it to grow in high-demand micro-markets without taking on large land acquisition costs.
Managing Director and CEO Harmohan Sahni said the agreement marks a significant step in Raymond Realty's expansion into South Mumbai and reflects the company's confidence in the long-term demand for premium housing in the city. He added that the company's capital-light strategy is aimed at maintaining capital efficiency while scaling its presence across the Mumbai Metropolitan Region.
Raymond Realty has increasingly relied on joint development agreements to expand its portfolio since entering the real estate business. The latest transaction further strengthens its presence in Mumbai's redevelopment market, where developers are increasingly partnering with landowners instead of making outright land purchases.
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