Raymond Realty Limited today announced it has signed a Joint Development Agreement (JDA) to develop a residential project in Parel, marking the company’s first foray into South Mumbai.
The project carries an estimated Gross Development Value (GDV) of approximately Rs 8,500 crore, making it Raymond Realty’s largest undertaking outside its flagship Thane land parcel.
Eighth JDA, portfolio GDV climbs
The Parel project marks Raymond Realty’s eighth Joint Development project in Mumbai, taking the company’s total real estate portfolio GDV to approximately Rs 52,000 crore. The company said the development gives it the opportunity to build an “iconic, large-scale residential project” in the heart of the city, with sea views and strong connectivity.
Underground tunnel, Metro line: Connectivity edge
The site will have immediate access to the Navi Mumbai International Airport via the Atal Setu.
Commute times to Worli, BKC and Lower Parel are expected to shrink once the Sewri-Worli Elevated Connector opens later in 2026, while an upcoming underground tunnel is set to link the area to Marine Drive and Nariman Point by 2028.
The upcoming Metro Line 11, running from Bandra to Colaba via Parel, will also serve the location.
Raymond Realty Chairman says asset-light strategy continues
Gautam Hari Singhania, Chairman, Raymond Group, said: “Parel has always been at the heart of Mumbai’s evolution and we are proud to add another landmark to Raymond Realty’s growing portfolio through this strategic joint development. Our expansion continues to be guided by an asset-light, partnership-led approach that enables us to unlock value in some of Mumbai’s most sought-after locations. This project reflects our commitment to nation building and our confidence in Mumbai’s enduring growth story shaping the next generation of urban living.”
Harmohan Sahni, Managing Director & CEO, Raymond Realty, said: “Raymond Realty has firmly established itself as one of the fastest-growing real estate developers in the Mumbai Metropolitan Region, backed by the Raymond Group’s century-long legacy of trust, excellence, and quality.”
Raymond Realty forayed into real estate in 2019. The Mumbai-headquartered, pure-play branded developer holds a portfolio spanning brands TenX, The Address by GS, and Invictus, along with 100 acres of owned land and six other Joint Development Agreements across the MMR.
