Raymond's Subsidiary Firm Chosen For Sion East Housing Society Redevelopment Project

Raymond's Subsidiary Firm Chosen For Sion East Housing Society Redevelopment Project

Ten X Realty Ltd is a wholly-owned subsidiary of Raymond Ltd

FPJ News ServiceUpdated: Thursday, November 09, 2023, 11:33 PM IST
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Raymond's Subsidiary Firm Chosen For Sion East Housing Society Redevelopment Project | Image credit: Raymond (Representative)

Mumbai: Ten X Realty Ltd, a wholly-owned subsidiary of Raymond Ltd, has been selected as the 'preferred developer' for the redevelopment of Shree-Hind Cooperative Housing Society in Sion East. Spread across 4.3 acres, the project is strategically located in one of the most sought-after residential areas of Mumbai and is estimated to have a revenue potential in excess of Rs. 1,400 crore over the project period.

This aligns with the company's growth plans for real estate development in the Mumbai Metropolitan Region. Last month, Ten X Realty Ltd was selected as the 'preferred developer' by Navjivan Society of Mahim, where the estimated development value is expected to be over Rs. 1,700 Crore. With the addition of this project, the estimated Gross Development Value (GDV) of projects under execution within the next 12 months will be Rs. 5,200 Crore in Mumbai City and Rs. 9,000 Crore in Thane. Additionally, the existing land in Thane has a future development potential of Rs. 16,000 crore, bringing the total estimated GDV of projects in Mumbai and Thane to approximately Rs. 30,000 Crore.

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