Raymond Stock Soars 6% On ‘Preferred Developer’ For Mumbai Project

Raymond stock rallied more than 6 per cent in the Monday trading session after its real estate arm was selected as ‘preferred developer’ for redevelopment of Mumbai Project. 

Raymond stock traded with 6.13 per cent gain at Rs 2,620 in the afternoon session on the National Stock Exchange (NSE). Besides, the stock has delivered more than 50 per cent returns year-to-date (YTD). 

This is to inform that Raymond (Real Estate Division) has been selected as the "Preferred Developer" for redevelopment of MIG VI CHS located in Bandra East,” said Raymond in an exchange filing.

Spread across 2 acres, the project is strategically located at one of the most sought-after residential areas of Mumbai and estimated to have a revenue potential in excess of Rs 2,000 crore over the project period. 

The Company will pursue this project post internal and external approvals, as required. This is in line with the Company's growth plans of Real Estate development in Mumbai Metropolitan Region.

This is the fourth project of the company in Mumbai City outside existing development at Thane.