Raymond Limited inks 6th Major Joint Development Agreement, to develop Maiden Residential Project in Wadala, Mumbai

Raymond Limited (the "Company") is pleased to announce that its 100% owned step-down subsidiary, Ten X Realty East Limited, has signed a Joint Development Agreement of a prestigious residential project in the prime location of Wadala, Mumbai.

This landmark project is estimated to have a gross development value of approximately Rs. 5,000 crore and marks the Company's maiden venture in this sought-after area of Mumbai. This also represents the 6th Joint Development project undertaken by the Company outside of its existing developments in Thane, underscoring its strategic expansion within the Mumbai Metropolitan Region (MMR). This project will be the first residential project that the company will be developing in Wadala, Mumbai.

This significant development aligns with Raymond Limited's growth strategy to capitalize on opportunities within the dynamic MMR real estate market. The project is poised to contribute substantially to the Company's future growth and solidify its presence as a key player in the region. With this addition, the Gross Development Value of Real Estate projects of the company will be close to Rs. 40,000 crores.

Shares of Raymond Limited was last trading in BSE at Rs. 1403.50 as compared to the previous close of Rs. 1438.85. The total number of shares traded during the day was 45248 in over 3211 trades.

The stock hit an intraday high of Rs. 1468.75 and intraday low of 1390.00. The net turnover during the day was Rs. 64253297.00.

Source : Equity Bulls

Keywords

Raymond INE301A01014 TenXRealtyEast JDA ResidentialProject PrimeLocation Wadala Mumbai