Raymond Realty intends to build ‘Grade A’ commercial and high-street retail space on 9.5 acres of land in Thane, the company said in a media release.
The company also intends to construct 1 million square feet of residential units with 3 & 4 BHK configurations.
Raymond Realty said it is examining various options in the Mumbai Metropolitan Region through a joint development partnership that does not require land acquisition.
“The current project has given us enough confidence now to expand our horizons beyond Thane, and our venture into real estate is not limited to land monetization only. We are exploring various options of joint development without land acquisition outside Thane,” said Gautam Hari Singhania, chairman and managing director of the company.
Raymond forayed into the real estate industry in 2019 with its project ’10X,’ which is sprawled over 14 acres and has a land parcel of over 100 acres in Thane.
“Structurally, the first three towers of our maiden project are complete, and we are committed to deliver the first unit 24 months ahead of the declared RERA deadline,” said Singhania.