Raymond Ltd is venturing into the real estate business with 3,000 unit project in Thane, Maharashtra, the Indian textile and branded apparel company said.
Raymond Realty will build 3,000 units in the first phase of the project over a period of five years and generate potential revenues of over ₹3500 crore, the company said.
The revenue estimate, at over Rs 1 cr per unit, suggests that the units will be priced at the upper end of the housing market.
The company plans to invest up to ₹250 crore in the project by March 2020, the majority of which has been used up for planning and regulatory approval.
“Going forward, we intend to build a large integrated township that will have the potential to deliver a lifestyle well above the ordinary and still be in reach”, said Gautam Hari Singhania, Chairman and Managing Director, Raymond Limited.
Headquartered in Mumbai, Raymond Ltd is the world’s largest integrated manufacturer of fabric.
Raymond has one of the largest exclusive retail networks in the country with over 1000 stores across 400 towns. The company also exports its products to over 55 countries including US, Canada, Europe, Japan and the Middle East.