Raymond Realty announced on December 1 the launch of a premium redevelopment project on a two-acre land parcel in Mumbai’s Bandra East. The project, titled Invictus by GS, BKC, is expected to generate revenue of around ₹2,000 crore.
According to the company, the project comprises six towers featuring 3- and 4-BHK ultra-luxury residences, and offers connectivity within five minutes to Jio World Drive and eight minutes to the Bandra-Worli Sea Link.
“After setting unprecedented benchmarks in Thane with the success of TenX Habitat and The Address by GS, the launch of Invictus by GS, BKC further bolsters Raymond Realty’s vision to cater to the ultra-luxury segment,” the company said in a statement.
Raymond Realty, the real estate arm of the Raymond Group, announced in June 2024 that it had been selected to redevelop a housing project in the Bandra East area of Mumbai, with an estimated revenue potential of more than ₹2,000 crore.
“The launch of Invictus by GS, BKC is a strategic milestone that marks our structural pivot into the ultra-luxury segment, unlocking a revenue potential of over ₹2,000 crore from this project alone. This development serves as the cornerstone of our ₹14,000 Crore JDA portfolio and is a critical accelerator towards our ₹4,000 crore annual topline target,” Harmohan Sahni, CEO, Raymond Realty, said.
“By combining Raymond’s legacy of trust with design-led excellence in BKC, we are not just building exclusive ecosystems, but aggressively expanding our footprint to ensure 50% of our future growth stems from such high-value projects by FY28,” Sahni said.
The company stated that the development also incorporates high-street retail, providing a holistic living experience that resonates with the aspirations of discerning clientele.
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Expansion through the JDA model
According to the company statement, Raymond Realty is rapidly expanding its footprint across Mumbai through an asset-light Joint Development Agreement (JDA) model. This project is one of the six JDAs signed by Raymond, encompassing prime locations in Bandra, Mahim, Sion, and Wadala. This strategic expansion represents a total Gross Development Value (GDV) of approximately ₹14,000 Crores.
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With additional projects currently under evaluation, this JDA-led approach underscores the company’s commitment to expanding its presence in the Mumbai market beyond its Thane stronghold, according to the company statement.