Raymond said its subsidiary Ten X Realty East Limited has signed a Joint Development Agreement for the development of a residential project in Wadala, Mumbai. This project is estimated to have a gross development value of Rs 5,000 crore.
“This represents the 6th Joint Development project undertaken by the Company outside of its existing developments in Thane, underscoring its strategic expansion within the Mumbai Metropolitan Region (MMR). This project will be the first residential project that the company will be developing in Wadala, Mumbai,” the company said in a regulatory filing.
This significant development aligns with the company’s growth strategy to capitalize on opportunities within the dynamic MMR real estate market.
The project, the company said, is poised to contribute substantially to the Company’s future growth and solidify its presence as a key player in the region.
“With this addition, the Gross Development Value of Real Estate projects of the company will be close to Rs 40,000 crore.”
According to PropEquity, Mumbai recorded 36% drop in new launches at 10432 units while sales fell by 50% to 6359 units in the first quarter of 2025.
Housing sales in top 9 cities stood at 1,05,791 units in Q1 2025 as compared to 1,36,702 units in the same period last year. Housing supply, on the other hand, stood at 80,774 units in Q1 2025 as compared to 1,22,365 units in the same period last year, marking three consecutive quarters of under-1 lakh units launched.
