Raymond realty arm inks joint development pact for 2 acres in Mumbai’s Mahim
Raymond’s real estate subsidiary has entered into an agreement to jointly develop a residential project on a 2-acre land parcel in central Mumbai’s Mahim locality through a revenue-share model.
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The project to be undertaken through its step-down subsidiary, Ten X Realty West, holds a gross development value (GDV) of around Rs 1,800 crore.
The move is part of the company’s broader strategy to expand its footprint in the country’s largest and most expensive property market by leveraging joint development partnerships.
As per the terms of the agreement, the company will share 18-20% revenue with the partner that holds the rights to develop the land parcel that is a combination of slum rehabilitation and a layout of government body Maharashtra Housing and Area Development Authority.
The project marks Raymond’s second venture in Mahim and represents the 5th project undertaken by the company outside of its existing developments in Thane, the company said in a regulatory filing.
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