Raymond Group known for its textile and apparels businesses is getting into realty sector with the launch of a residential project in Thane.

In a bid to monetise its land parcel, the company has set up a new division, 'Raymond Realty' for its maiden venture into the real estate sector. It has launched a 14-acre gated community project named ‘Aspirational District’.

The first phase of the project will house 3,000 residential units across 10 towers. Each of these 42-storey towers will house two bedroom homes with a carpet area of 515 sq ft and 640 sq ft. The peak funding till FY 20 is expected to be Rs. 250 crore and a major part of this has already been spent in the planning phase and obtaining statutory approvals.

In phase one, Raymond Realty is expected to achieve a top line of over Rs. 3,500 crore with a profit margin of over 25 per cent during five years, according to a press statement.

Gautam Hari Singhania, Chairman and Managing Director, Raymond Limited, said, “ Raymond has forayed into real estate development in order to monetise the land at Thane. Keeping in mind the fact that this land parcel is in the heart of Thane, it offers a massive positive upside potential for venturing into the real estate sector. Going forward, 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.”

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