Raymond Ltd. announced its sudden entry into real estate development with a 20-acre residential project in Thane. According to sources, it looks to monetize land parcels it owns.
The project is named, ‘Aspirational District’ and will have a total of 3,000 units across ten towers, the company said in a statement. The first phase will include three towers which will have two-bedroom houses in two configurations – 515 square feet flats on the all-inclusive price of Rs. 1.06-1,2 crore and 640 ft flats for Rs. 1.35-1.52 crore.
The group holds 120 acres in Thane district. Gautam Singhania, Chairman of Raymond Group said, “We will become the most preferred real estate developer in this market.”
The project is expected to complete in five years and will cost an estimate of Rs. 250 crore, with over 65 percent already been spent. “Going forward, we will have our revenues with all the sales happening and customer collections, that is going to be funding the rest of the project,” Raj said. “We will not be needing anything beyond the maximum of Rs 250 crore that we have looked at.”
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