{"id":4651,"date":"2019-04-04T05:25:02","date_gmt":"2019-04-04T05:25:02","guid":{"rendered":"http:\/\/financeintellect.com\/home-page\/home\/?p=4651"},"modified":"2019-04-05T04:49:05","modified_gmt":"2019-04-05T04:49:05","slug":"textile-major-raymond-ventures-into-realty-with-thane-project","status":"publish","type":"post","link":"https:\/\/financeintellect.com\/home-page\/home\/textile-major-raymond-ventures-into-realty-with-thane-project\/","title":{"rendered":"Textile major Raymond ventures into realty with Thane project."},"content":{"rendered":"<p style=\"text-align: justify;\">Textiles giant Raymond\u00a0Group on Wednesday has decided to venture into\u00a0real estate. They will launch a 3.3 million square feet residential project in Thane at a time when the sector is going through a liquidity crisis. The project, which would be developed by its\u00a0real estate\u00a0arm\u00a0Raymond\u00a0Realty, will house 3,000 residential units across 10 towers in Phase 1 on a 20-acre land parcel that\u00a0Raymond\u00a0owns in Thane. This is part of the group\u2019s plan to monetise its non-core assets to pare debt.<\/p>\n<p style=\"text-align: justify;\">The chairman and managing director of Raymond, said efforts to enhance value for stakeholders, Raymond has forayed into\u00a0real estate\u00a0development in order to monetise the land in Thane. He added since the land parcel was in the heart of Thane, it offered huge potential for turning to real estate and that going forward Raymond intended to build a large integrated township at that location.<\/p>\n<div id=\"div-gpt-ad-1490771277198-0\" class=\"article-middle-banner\" style=\"text-align: justify;\" data-google-query-id=\"CMfh6LrRteECFRkbcgod6LMOVg\">\n<div id=\"google_ads_iframe_\/6516239\/outofpage_1x1_desktop_0__container__\">This is included in the 140-acre land parcel that the company has at the location. Leaving out the schools, there is around 125 acre contiguous land parcel at the area. The land housed its flagship textile factory and the company reached out for an out of court settlement with its labour union (representing nearly 2,000 employees at the Thane unit), which received a total compensation of over Rs 300 crore in lieu of giving consent for the real estate development on the land. The firm also secured requisite government clearances for a real estate project on the mill land.<\/div>\n<\/div>\n<p style=\"text-align: justify;\">The CEO Raymond\u00a0(real estate) said the maximum amount that Raymond would invest in this project was around Rs 250 crore and a sizable amount has already been done. This is excluding the amount paid for settlement with the labour union.<\/p>\n<p style=\"text-align: justify;\">The project would not require significant debt funding, he added. In the first phase,\u00a0Raymond Realty\u00a0is expected to achieve a top line of over Rs 3,500 crore with a profit margin of over 25 per cent during the period of five years. The cost of construction is around Rs 5,000 per square feet for the saleable area. This roughly works out to be around Rs 1,650 crore for 3.3 million sq ft development.<\/p>\n<p style=\"text-align: justify;\">He added that the &#8216;Aspirational District&#8217; project, which will be spread over 14 acres, would house 2.7-2.8 million sq feet of residential units, while the premium project (over 6 acres) would have around 0.5 million sq ft housing. It would consist of 42-storey towers. Raymond\u2019s net debt was Rs 2,185 crore debt in its books as on Q3FY19<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Textiles giant Raymond\u00a0Group on Wednesday has decided to venture into\u00a0real estate. They will launch a 3.3 million square feet residential project in Thane at a time when the sector is going through a liquidity crisis. The project, which would be developed by its\u00a0real estate\u00a0arm\u00a0Raymond\u00a0Realty, will house 3,000 residential units across 10 towers in Phase 1 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4662,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8],"tags":[3664,839,3665],"class_list":["post-4651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-india-inc","tag-raymond-realty","tag-real-estate","tag-thane-project"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Textile major Raymond ventures into realty with Thane project. - Finance Intellect<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financeintellect.com\/home-page\/home\/textile-major-raymond-ventures-into-realty-with-thane-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Textile major Raymond ventures into realty with Thane project. - Finance Intellect\" \/>\n<meta property=\"og:description\" content=\"Textiles giant Raymond\u00a0Group on Wednesday has decided to venture into\u00a0real estate. 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