Raymond has opted to come into Real-estate development business.

By Abhay Harish Shah , Realty Quarter

Raymond is an enhanced gathering with greater part business premiums in Textile and Apparel segments as well as presence across diverse segments such as FMCG, Engineering and Prophylactics in national and global markets. Having appreciated the support of over a billion customers, Raymond as a brand has been reliably conveying world-class quality items to its buyers since 1925.

Now from our latest source, we come to know that Raymond has opted to come into Real-estate development business. And have already started a division called Raymond Realty to drive its development plans in the section.

Mr. K Mukund Raj (president & CEO of Real Estate business at Raymond) says “Given the historical land bank we have decided, to enter into real estate development on our own. This is the best option available with us to enhance the shareholders’ value. We are also open to other options that would help in value creation and maximize the returns for all stakeholders”.

It has almost 125 acres of land adjoining land package at Thane’s Cadbury Junction and is hoping to adapt it through its new business adventure. Out of that, a 20-acre land is been dissected for its maiden real estate development project which will have 3 million sq ft residential project on it.

Around 2,000 labour union of Raymond received compensation of Rs 313 crore in lieu of giving its consent for real estate development in October 2010. The settlement gave clearances from the administration bodies to Raymond for a real-estate development on the land that housed its flagship textile factory since 1925.

Raymond announces to develop total 3,000 residential units across 10 towers. Each of these 42-storey towers will house 2 bedroom apartments with carpet area configuration of 510 sq ft and 630 sq ft in an aspirational category. The project will also offer around 5 acres of central landscape green area along with hundreds of trees. The price of the property would be from Rs 10,000 and Rs 14,000 per sq ft and has already received over 450 applications from its launch announcement done for their employees and families.