Mumbai : Leading Indian Fashion and Textile retailer Raymond Group, has forayed into the real estate development business. In order to drive its growth plans in this direction, the company has set up a new division called ‘Raymond Realty’ for its maiden venture into the real estate sector. With central theme of ‘Go Beyond’, the company has undertaken the project to build quality housing for all. A large gated community named ‘Aspirational District’ is spread over 14 acres that celebrates a new epoch in living.
This first phase of the project will house 3000 residential units across 10 towers. Each of these 42-storey towers will house smart-sized 2 bed homes with carpet area configuration of 51 5 sq. ft. and 640 sq. ft. respectively, under aspirational categories.
Driving the high velocity of sales through a superior product, this project is expected to be cash positive on a year on year basis and would not require significant debt funding. The peak funding till FY 20 is expected to be Rs. 250 crores only and a major part of this has already been spent in the planning phase and obtaining statutory approvals. In the phase 1, Raymond Realty is expected to achieve a top line of over Rs. 3500 crores with a profit margin of over 25% during the period of 5 years.