November 1, 2023: Raymond, a listed company on October 30, 2023, in a regulatory filing declared that Ten X Realty, a wholly owned subsidiary of the group will undertake the redevelopment of the Kumari Jethi T Sipahimalani CHS, also known as the Navjivan Society, located in Mahim West.
Spread across 3.6 acres, the project is located in one of the most sought-after residential areas of Mumbai and is estimated to have a revenue potential of over Rs 1,700 crore over the project period.
As per the regulatory filing, the company will pursue this project post internal and external approvals, as required. “This is in line with the company’s growth plans of real estate development in Mumbai Metropolitan Region (MMR) and follows our first project outside Thane, in Bandra East, where we recently commenced construction,” the filing mentioned.
In an earlier regulatory filing, Raymond mentioned that its board has approved investing up to Rs 301 crore in one or more tranches in Ten X Realty (TXRL).
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