Regulatory Disclosure Details
Transaction Overview
Raymond Realty Limited announced that its wholly owned subsidiary, Ten X Realty West Limited, has agreed to secure a financial investment of ₹210 crore from ICICI Prudential Real Estate Development Fund. This fund is a scheme of ICICI Prudential Real Estate AIF, a Category II Alternative Investment Fund, represented by its investment manager ICICI Prudential AMC Limited.
Investment Structure
Raymond Realty and ICICI Prudential Real Estate Development Fund will jointly invest in Ten X Realty West Limited as per the terms of definitive documents. The investment will facilitate redevelopment for one of Raymond Realty's projects in the Mumbai Metropolitan Region (MMR). ICICI Prudential Real Estate Development Fund is participating as a financial investor.
Strategic Rationale
According to Harmohan Sahni, Managing Director & CEO of Raymond Realty, this investment marks a defining milestone in the company's growth trajectory across MMR. The investment will enable Raymond Realty to scale rapidly, optimize capital efficiency, and accelerate project timelines while maintaining commitment to execution excellence and delivering long-term value to stakeholders.
Company Business Update
Raymond Realty has successfully pivoted to an asset-light Joint Development Agreement (JDA) model. The company's current portfolio includes:
- Total Gross Development Value (GDV): ₹52,000 crore
- JDA Portfolio: 8 projects with combined revenue potential of approximately ₹27,000 crore
- JDA contribution: 52% of overall GDV
The company positions itself among the Top 10 Real Estate players in India and has developed iconic residential brands including TenX, The Address by GS, and Invictus by GS.
Corporate Background
Raymond Realty Limited is part of the Raymond Group, a diversified Indian conglomerate with presence across Engineering, Aerospace, Defence, Automotive, Real Estate and Lifestyle through three listed entities. The company is headquartered in Mumbai and has been operating in real estate since 2019.