Raymond Realty bags second redevelopment project in Bandra East

Raymond Realty, the real estate arm of Raymond Group today announced that it has been selected for the redevelopment of another residential project - MIG VI CHS Ltd situated in Bandra East, Mumbai. Today, the board of Raymond Ltd approved the project. Raymond Realty won this project with 100% votes by the members of society for the redevelopment. The project is strategically situated in one of the most sought-after residential areas of Mumbai and is known as a prestigious landmark in Bandra East. It is also estimated to generate a revenue of more than ₹ 2000 crores over the project period. This expansion in projects is in line with the Company's aggressive growth plans of Real Estate development in Mumbai Metropolitan Region.

Previously, Raymond Realty had signed three joint development agreements for projects in Mahim, Sion and Bandra with an estimated development value of over ₹ 5000 Crore. With addition of this project, estimated Gross Development Value (GDV) of projects under execution will be around ₹ 7000 Crore in Mumbai City. The addition of another project in Bandra has also solidified the company's position as one of the leading developers in the area. Moreover, receiving a 100% vote of confidence from the society members of MIG VI CHS underscores the company's commitment to providing luxurious living spaces and highlights its expertise in handling large Society and MHADA redevelopment.

Shares of Raymond Limited was last trading in BSE at Rs. 2558.90 as compared to the previous close of Rs. 2469.70. The total number of shares traded during the day was 56387 in over 4780 trades.

The stock hit an intraday high of Rs. 2687.15 and intraday low of 2506.80. The net turnover during the day was Rs. 146979047.00.

Source : Equity Bulls

Keywords

Raymond INE301A01014 Realty RedevelopmentProject BandraEast