Leading textile retailer Raymond is all set to venture into the real estate sector by launching its first housing project in Mumbai with revenue of 3,500 crores. Raymond Realty, the new division of the group, will develop a 14-acre housing project at Thane in Mumbai. 3,000 apartments will be built in the first phase.
Tata, Godrej, Mahindra, Bombay Dyeing and Emami group have also entered the real estate sector over the last decade. The company said in a statement that over their continues efforts to enhance value for stakeholders the brand has forayed into real estate in order to monetize their land in Thane.
Raymond is a diversified group with majority business interests in textile and apparel sectors as well as presence across diverse segments such as FMCG, Engineering, and Prophylactics in national and global markets. Raymond has one of the largest exclusive retail networks in the country with over 1,000 stores across 400 towns. The leading brands within its portfolio are — Raymond Ready to Wear, Park Avenue, Color Plus, Parx, Raymond Made to Measure, among others.