Mumbai: Raymond Realty Limited (the “Company”) today announced that it has signed a Joint Development Agreement (JDA) to develop a premium residential project in a prime location in Parel, Mumbai, marking its foray into South Mumbai.
The landmark project carries an estimated Gross Development Value (GDV) of approximately Rs. 8,500 crore, making it the largest project undertaken by Raymond Realty outside its flagship Thane land parcel to date. The development also represents Raymond Realty’s 8th Joint Development project in Mumbai city, further strengthening the Company’s strategic expansion plan.
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The project provides Raymond Realty with an opportunity to develop a large-scale residential project in the heart of the city, with location advantages, unhindered sea views, and connectivity to key destinations. The strategically located development offers immediate connectivity via the newly commissioned Atal Setu to the Navi Mumbai International Airport. It is also expected to significantly reduce commute times to major business hubs such as Worli, BKC, and Lower Parel through the Sewri-Worli Elevated Connector, scheduled to open by late 2026. The upcoming underground tunnel is set to further facilitate travel to Marine Drive and Nariman Point by 2028.
Commenting on the development, Gautam Hari Singhania, Chairman, Raymond Group said: “Parel has always been at the heart of Mumbai’s evolution and we are proud to add another landmark to Raymond Realty’s growing portfolio through this strategic joint development. Our expansion continues to be guided by an asset-light, partnership-led approach that enables us to unlock value in some of Mumbai’s most sought-after locations. This project reflects our commitment to nation building and our confidence in Mumbai’s enduring growth story shaping the next generation of urban living.”
From a connectivity standpoint, the area is supported by a future-ready urban transit framework, with the upcoming Metro Line 11, spanning Bandra to Colaba via Parel, set to bring the city’s primary commercial and lifestyle destinations within rapid and convenient reach.
Harmohan Sahni, Managing Director & CEO, Raymond Realty Ltd., said: “Raymond Realty has firmly established itself as one of the fastest-growing real estate developers in the Mumbai Metropolitan Region, backed by the Raymond Group’s century-long legacy of trust, excellence, and quality. This landmark Joint Development Agreement in Parel marks a significant milestone in our expansion into South Mumbai and underscores our confidence in the long-term potential of Mumbai’s premium residential market. Our disciplined, asset-light model and agile capital structure enable us to unlock high-value opportunities while maintaining capital efficiency. With a focus on scalable growth and strong execution, we continue to create long-term value for our stakeholders and strengthen our presence across MMR.”
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The project is expected to contribute to the Company’s future growth and further strengthen its presence in the city. With this addition, the Gross Development Value of Raymond Realty’s real estate projects will rise to close to Rs. 52,000 crore, underscoring the scale and pace of the Company’s expansion across Mumbai.
