The Raymond Group has secured a significant project involving the redevelopment of Navjivan Society on Mori Road, Mahim, with an estimated revenue potential exceeding Rs 1,700 crore. A society representative confirmed this development.
Raymond, in a regulatory announcement, revealed that Ten X Realty Ltd (TXRL), its wholly-owned subsidiary, has been selected as the preferred developer for the redevelopment of Navjivan Society, spanning 3.6 acres. Despite competition from various builders, the society chose TXRL for this project. This marks the company's second project outside of Thane, the first being in Bandra East.
Earlier in the month, the company had announced a planned investment of up to Rs 301 crore in its subsidiary, TXRL. This investment includes Rs 125 crore in the form of redeemable preference shares and the remaining Rs 176 crore through an Inter Corporate Deposit (ICD).
Raymond, known for its presence in the textile, apparel and various other sectors, is a prominent player in both national and international markets.
Navjivan Society was established in 1956 under the leadership of freedom fighter and legislator Jethi Sipahimalani. Its purpose was to provide housing for Sindhi refugees who had been displaced from Pakistan during the partition.
The society purchased land from Sobhraj Jhamatmal and completed construction in 1959, supported by a loan from the Bombay Cooperative Housing Finance Society. Flats were sold without profit, with each member contributing only Rs 200 per month toward the loan, which was fully repaid in 1978.