Shares of Raymond Limited surged 2% on 11 June after the company’s real estate subsidiary, Raymond Realty, for the redevelopment of another residential project in Bandra East, Mumbai. 

In its regulatory filing, the company said that the project is spread across 2 acres and is strategically located at one of the most sought-after residential areas of Mumbai and has an estimated revenue potential of around Rs 2,000 crore. 

Earlier, Raymond Realty had signed 3 joint development agreements in Sion, Mahim, and Bandra with an estimated revenue potential of over Rs 5,000 crore. 

The filing added that they will pursue the project after obtaining all the necessary internal and external approvals. This project is in line with the company’s growth plans for real estate development in the Mumbai Metropolitan Region. 

Including the new project, the estimated Gross Development Value (GDV) of projects under execution will be around Rs 7,000 crore in Mumbai City.

The Raymond Group entered into the real estate space with Raymond Realty, a venture headed by the Raymond Group chairman and Managing director, Gautam Hari Singhania.

At 12:38 pm, the shares of Raymond were trading 0.78% higher at Rs 2,575.75 on NSE.