Raymond Realty, the real estate arm of Raymond Group, announced on June 10 that it has been selected to redevelop a housing project in Mumbai’s Bandra East area, with an estimated revenue potential exceeding ₹2,000 crore, according to a regulatory filing.
Raymond Realty secured the redevelopment project with unanimous approval from the members of the housing society MIG VI CHS Ltd. The project, strategically located in Bandra East, aligns with the company’s growth plans for real estate development in the Mumbai Metropolitan Region (MMR), as stated in the filing.
Previously, the company signed three joint development agreements for projects in Mahim, Sion, and Bandra, with an estimated development value of over ₹5,000 crore. Including the new Bandra project, the estimated Gross Development Value (GDV) of Raymond Realty’s ongoing projects in Mumbai will be around ₹7,000 crore.
“The addition of another project in Bandra has solidified our position as one of the leading developers in the area. Receiving unanimous approval from the society members of MIG VI CHS underscores our commitment to providing luxurious living spaces and highlights our expertise in large society and MHADA redevelopment,” the company stated.
Raymond Realty’s first project in the Mumbai real estate market was announced in February 2024 in Bandra East. This project will offer a mix of 2, 3, and 4 BHK apartments, along with 30 amenities and a clubhouse spanning 16,000 sq ft.
Adani Realty also has a presence in the Bandra East micro-market, having acquired a 24-acre plot in Bandra West earlier this year. The company is also involved in the redevelopment and rehabilitation of Dharavi, Asia’s largest slum cluster, located about 10 minutes from Bandra.
Local brokers note that the market rate in Bandra East is around ₹50,000 to ₹60,000 per sq ft, depending on the building, its amenities, and its proximity to the Bandra Kurla Complex (BKC), one of India’s most expensive commercial districts.
