Raymond Realty is preparing to foray into the Pune real estate market with a ₹2,000 crore residential project. The company is scouting for land parcels, confirmed the chief executive officer Harmohan Sahni in an interview with HT.com.
Sahni said Raymond Realty is also looking at opportunities in the plotted development segment close to the Mumbai Metropolitan Region (MMR). The realty arm of the textile giant Raymond first ventured into the sector with a project launch in Thane in 2019, followed by the latest launch of “The Address By GS” in Bandra earlier this year.
We recently hired a team for the Pune project and are actively searching for land parcels that meet our criteria. We will be setting up a residential project with a topline of about ₹2,000 crore, targeted at both mid-segment and premium housing,” Sahni said.
It is scouting locations across the city, including Hinjewadi, Kharadi, and all areas east and northeast of the town. Sahni also looks at redevelopment projects in established neighbourhoods like Koregaon Park and Boat Club Road, which contain many older buildings.
The Pune project will likely put houses in the ₹10,000 to ₹20,000 per square foot price range. “In Mumbai, we will sell at₹23,000 ₹ to₹24,000 and₹60,000 to₹70,000 per square foot,” Sahni said. The company has a robust launch pipeline in Bandra, Mahim, and Thane in the next year.
The land bank of Raymond Realty is about 100 acres in Thane. It used to be a place for a factory that was closed over a decade ago. It has generated revenue since it forayed into the real estate space by constructing housing units. This land bank is said to have a revenue potential of ₹25,000 crore. So far, the company has launched projects worth ₹9,000 crore from this land bank.
In addition to these new projects, Raymond Realty has undertaken redevelopment projects in Mumbai’s Bandra, Sion, and Mahim areas. Sahni confirmed that the company is open to further ventures in the Mumbai real estate landscape.