Textile and apparel giant Raymond Group Chairman and Managing Director Gautam Hari Singhania’s real estate focus is fixed squarely on affordable luxury in the 1-2-3 BHKs in the Mumbai Metropolitan Region and suburban locations, which according to him is the belly of the market.
The diversified group, which owns the legacy suits & shirts brand Raymond, forayed into real estate in 2019 with Raymond Realty to monetise a 120-acre land bank it holds in Thane, but now sees it becoming a core business. It had announced two residential projects in Thane — ‘TenX Habitat’ of 2BHK flats and more premium 3- and 4-BHK flats under ‘The Address by G.S.’
“I’m focused on affordable luxury at scale. I do projects which are a minimum of Rs 3,000-4,000 crore or of a million square footage,” he said at a press briefing on Friday, ahead of the handing over the first tranche of 900 flats from three of the 10 towers in TenX to homeowners on Saturday. The houses are being delivered two years ahead of the RERA timeline, he said.
‘TenX Habitat’ has 2-BHK flats ranging between 502 and 618 sq. ft RERA carpet area across 10 towers on a 14-acre land parcel. The RERA completion date for the remaining seven towers is December 2026. But the firm is targeting faster completion.
“My focus is on MMR and suburban locations. I’m not hot on south Mumbai. My core is building India 1-2-3 where I can deliver lifestyle nobody else can.” Their upcoming premium residential offering ‘The Address by G.S.’ offers 3 & 4 BHKs ranging between 938 sq. ft and 1,400 sq ft RERA carpet area and is due for completion by December 2027.
A total of 2,186 units of the TenX Habitat have been booked till September 2022, which is around 85% of the total inventory launched with a booking value of Rs 2,210 crore. The Address by GS premium residential project has received 349 bookings with a booking value of Rs 834 crore, which is also 85% of to the total inventory launched, the firm noted.
The group has around 60 acres of land parcel for future developments. “Going forward, we envisage Raymond Realty to emerge as a core business which will continue and take on new projects and JDAs in the MMR region,” he said about future plans.
“The demand has been extremely strong post Covid as it made Indians realise the importance of owning a home which offers spaces to enjoy a holistic lifestyle…The global headwinds caused due to war, recessionary fears and surging inflation globally is a harsh reality. However, I believe that India is well positioned given the strong domestic market and has benefitted tremendously with China +1 policy.”
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Source: https://news.google.com/__i/rss/rd/articles/CBMiogFodHRwczovL3d3dy5idXNpbmVzc3RvZGF5LmluL3JlYWwtZXN0YXRlL3N0b3J5L2ltLWZvY3VzZWQtb24tYWZmb3JkYWJsZS1sdXh1cnktYXQtc2NhbGUtbm90LXNvdXRoLWJvbWJheS1yYXltb25kLWdyb3VwLWNtZC1nYXV0YW0taGFyaS1zaW5naGFuaWEtMzU1ODg3LTIwMjItMTItMTDSAaYBaHR0cHM6Ly93d3cuYnVzaW5lc3N0b2RheS5pbi9hbXAvcmVhbC1lc3RhdGUvc3RvcnkvaW0tZm9jdXNlZC1vbi1hZmZvcmRhYmxlLWx1eHVyeS1hdC1zY2FsZS1ub3Qtc291dGgtYm9tYmF5LXJheW1vbmQtZ3JvdXAtY21kLWdhdXRhbS1oYXJpLXNpbmdoYW5pYS0zNTU4ODctMjAyMi0xMi0xMA?oc=5
