Business

Raymond Group forays into realty business

Agency | April 03, 2019 04:46 PM

Mumbai (Maharashtra) [India]: Fashion and textile retailer Raymond Group on Wednesday announced its foray into the real estate development business by setting up a new division for its maiden venture.

Raymond will be monetising its land parcel in the heart of Thane. "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," Chairman and Managing Director Gautam Hari Singhania said in a statement.

With a theme of 'Go Beyond,' the company will undertake a large gated community called 'Aspirational District' spread over 14 acres.

The first phase of the project will have 3,000 residential units across 10 towers.

The project is expected to be cash positive on a year-on-year basis and will not require significant debt funding. The peak funding till 2019-2020 is expected to be Rs 250 crores and a major portion of this has already been spent in the planning phase and obtaining statutory approvals.

In the first phase, the company expects to achieve a top line of over Rs 3,500 crores with a profit margin of over 25 per cent during five years.

Raymond is India's largest integrated worsted suiting manufacturer that offers end-to-end solutions for fabrics and garmenting. (ANI)

 

Have something to say? Post your comment
Must Read
Sukhjinder Randhawa & Charanjit Channi take stock of 550th arrangements of Parkash Purb celebrations
Sukhjinder Randhawa & Charanjit Channi take stock of 550th arrangements of Parkash Purb celebrations
Several trains cancelled as floods wreak havoc in Assam
Several trains cancelled as floods wreak havoc in Assam
Talks with Naga insurgent groups at advanced stage: Govt
Talks with Naga insurgent groups at advanced stage: Govt
Illegal building demolished in Indore
Illegal building demolished in Indore
Ashu Exhorts Religious Leaders to play a leading role in Eliminating Social Evils in society
Ashu Exhorts Religious Leaders to play a leading role in Eliminating Social Evils in society
DC appeals devotees to avoid carrying polythene bags and thermocol to Mata Chintapurni Shrine during annual upcoming Saawan Ashtami fair from August 1-9
DC appeals devotees to avoid carrying polythene bags and thermocol to Mata Chintapurni Shrine during annual upcoming Saawan Ashtami fair from August 1-9
Centre Open to considering dedication of Punjab’s 2nd AIIMS to 550th Prakash Purb of Sri Guru Nanak Dev Ji
Centre Open to considering dedication of Punjab’s 2nd AIIMS to 550th Prakash Purb of Sri Guru Nanak Dev Ji
Well prepared for a Kargil-like conflict again: Dhanoa
Well prepared for a Kargil-like conflict again: Dhanoa
Won't extradite Assange where he could face death penalty: UK Minister
Won't extradite Assange where he could face death penalty: UK Minister
Have to eat rats to survive, claim locals in flood-affected Bihar village
Have to eat rats to survive, claim locals in flood-affected Bihar village
Missa More - India's Instagram Fashion Store
Missa More - India's Instagram Fashion Store
AMG Corporation unveils new identity of its flagship brand Premier Plus
AMG Corporation unveils new identity of its flagship brand Premier Plus