Raymond has launched new division Raymond Realty for real estate development business, as an effort towards constant evolution under its vision of Raymond Re-imagined. The company has set up 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 515 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 crore only and a major part of this has already been spent in the planning phase and obtaining statutory approvals. In the phase I, Raymond Realty is expected to achieve a top line of over Rs 3500 crore with a profit margin of over 25% during the period of 5 years.
Raymond is one of India’s largest branded fabric and fashion retailers. It is one of the leading, integrated producers of suiting fabric in the world.
