RAYMOND ANCHOR PAREL — New Project Coming Up in Parel, Mumbai

Raymond Realty to Develop Major Residential Project in Parel

Raymond Realty has signed a joint development agreement to build a major residential project in Parel, Mumbai, marking its entry into South Mumbai. The project carries an estimated gross development value of Rs 85,000 million (mn), making it the largest development undertaken outside its flagship Thane land parcel to date.

Project Scale and Structure

The project is a slum redevelopment project spread across 11 acres. It represents Raymond Realty's eighth joint development project in Mumbai city and forms part of the firm's strategic expansion plan. Under the structure of the agreement, the company expects to invest around ₹700 crore at the project's peak, while the landowner will bear rehabilitation and approval-related costs.

Location and Connectivity

The Parel site is positioned to benefit from multiple infrastructure improvements reshaping South Mumbai's mobility landscape. The project capitalises on immediate access provided by the newly commissioned Atal Setu to the Navi Mumbai International Airport, reducing travel time to the airport for residents. The Sewri-Worli Elevated Connector, scheduled to open by late 2026, is projected to shorten commutes to major business hubs such as Worli, BKC and Lower Parel, while an upcoming underground tunnel is slated to ensure seamless travel to Marine Drive and Nariman Point by 2028.

The area boasts a future-proof urban transit framework, with the upcoming Metro Line 11, spanning Bandra to Colaba via Parel, set to put the city's primary commercial and lifestyle nodes within rapid, effortless reach.

Site Attributes

The development site offers prominent location advantages, including elevated sea views and strong local connectivity. Plans envisage layouts that maximise those views and local amenity access.

Developer Context

Backed by a century of Raymond's trust, Raymond Realty offers luxury apartments in Mumbai and Thane. Since 2019, the company has envisioned spaces that carry purpose, where architecture embodies finesse and every experience is shaped with mindful precision. Raymond Realty has a track record of finishing projects well before RERA deadlines, granting it top place in customer-trust surveys.

Market Context

Parel is currently a high-demand micro-market in Mumbai, with property prices reportedly reaching levels around ₹50,000 per square foot. Parel is emerging as one of Mumbai's top residential hubs with upgraded connectivity, premium developments, and long-term value growth. Its transformation – shaped by steady upgrades in infrastructure and sustained developer interest – continues to attract professionals and families seeking high-rise homes in South Mumbai's growing luxury corridor. Recent launches, improved mobility routes, and demand for well-planned residential projects have elevated Parel into a highly sought-after address for homebuyers and investors.

Next Steps

The company will provide further updates on approvals and timelines as the project progresses.