Ten X Realty to spearhead landmark residential venture in Wadala
New Delhi, April 1 – Raymond Ltd has entered into a Joint Development Agreement (JDA) for a major residential project in Mumbai, marking another significant step in its real estate expansion. The development, located in Wadala, is projected to generate a gross development value (GDV) of approximately ₹5,000 crore.In a regulatory filing made on Tuesday, the company disclosed that the agreement has been signed through its wholly-owned step-down subsidiary, Ten X Realty East Ltd. While Raymond did not reveal the identity of the landowner involved in the partnership, it emphasized the strategic importance of the deal.
“This landmark project is estimated to have a gross development value of approximately ₹5,000 crore,” the company stated.
Asset-Light Strategy Driving Growth
The move aligns with Raymond’s broader strategy of adopting an asset-light model by collaborating with landowners instead of solely acquiring land. This approach is increasingly favored by developers aiming to maximize returns while minimizing capital expenditure.Raymond highlighted that the Wadala project will play a pivotal role in driving the company’s future growth and strengthening its footprint across the Mumbai Metropolitan Region (MMR).
Raymond’s Real Estate Portfolio Nears ₹40,000 Crore in GDV
With this latest addition, the total gross development value of Raymond's real estate projects is nearing ₹40,000 crore. The company continues to establish itself as a prominent player in the Indian real estate sector, particularly in the high-demand Mumbai market.Raymond Ltd, originally known for its textile business, has emerged as one of the country’s leading real estate developers, leveraging its brand legacy and strategic land bank to scale its presence in the housing sector.
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