Raymond forays into real estate segment

Raymond Group, which is well-known as a fashion and textile retailer has forayed into real estate development segment. It has set up a new division named ‘Raymond Realty’ through which it has undertaken the project to build quality housing for all. The central theme for this new venture as decided by the company is ‘Go Beyond’.

This project includes the building of a large gated community named ‘Aspirational District’ which is spread over 14 acres of land in Thane. The first phase of the project will include 3,000 residential units across 10 towers. Each of the 42-storey towers will have two-bed homes with carpet area configuration of 515 sq.ft. and 640 sq. ft., respectively.

The project features eco-friendly inclusions like rainwater harvesting, a waste recycling plant along with other such energy conservation ideas..

In the vicinity of this project, there is a school named Smt. Sulochanadevi Singhania and an upcoming school named Smt. Sunitidevi Singhania will commence operations in the academic year of June 2019. It is located on Pokhran road surrounded by hospitals, malls and high street retail. It will also be having easy connectivity to Eastern Express highway, Ghodbunder Road, Mumbai-Nashik Highway and the upcoming metro station at Cadbury Junction.

The company expects the project would not require high debt funding. It has already spent Rs. 250 crore towards the planning process and obtaining statutory approvals. Raymond Realty expects to achieve top line of Rs. 3,500 crore with a profit margin of 25 per cent over the period of five years.

On Wednesday, the stock of Raymond opened gap up at Rs. 831.05 per share from its Tuesday's close of Rs. 816.40. The stock was up by 3.4 per cent to make an intra-day high of Rs. 843.90 during the day.