Raymond Realty will start its first project in Thane after textile manufacturer Raymond had announced its foray into the real estate space earlier this week. The real estate unit will start development of a 14-acre land parcel in Thane where they will make a 3,000 residential unit project. K Mukund Raj, CEO of Raymond Realty.
“We have 120 acre land parcel in Thane, in the prime location of Thane - with the best of the connectivity and with the best of the ecosystem. In the first phase, we are taking up development of 20 acre land parcel out of which 14 acres we are developing a district which we have termed as ‘Aspirational District’,” he said.
Raymond Realty said the will need to bring an investment of Rs 250 crore maximum from the parent firm as the land is owned by the real estate company.
In terms of timeline, Raj said, “We initially launched two towers within internal stakeholders about three weeks back after getting the Real Estate (Regulation and Development) Act (RERA) registrations and all done and subsequently looking at the response, we have launched the third tower and the timeline is we plan to handover these three towers in about 48 months."