Raymond Realty Incorporates 'Ten X Mahalaxmi Limited' as New Wholly-Owned Subsidiary for Redevelopment Projects

Strategic Subsidiary to Ring-Fence Redevelopment Operations

Raymond Realty incorporated Ten X Mahalaxmi Limited on August 12, 2026, as a wholly owned subsidiary for new projects. The strategic initiative, approved on August 7, 2026, is designed to isolate and mitigate project-specific risks associated with large-scale redevelopment projects.

Corporate Structure and Capitalization

Directors authorized an initial subscription amount of ₹1,00,000 as the paid-up capital for the new entity. The entity is structured with an authorized share capital of ₹1,00,000, divided into 10,000 equity shares of ₹10 each. Raymond Realty Limited and its nominees will subscribe to all shares in cash upon incorporation.

Regulatory Disclosure and Scope

The incorporation is disclosed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Ten X Mahalaxmi Limited will operate exclusively within the real estate industry in Maharashtra. The company has been registered with the Registrar of Companies in Mumbai. At the time of incorporation, Ten X Mahalaxmi had not started commercial operations and reported no turnover.

Purpose and Strategic Rationale

By ring-fencing these activities within a separate legal entity, the company aims to protect its core balance sheet from potential delays or cost overruns inherent in complex redevelopment cycles. For Raymond Realty, establishing a dedicated subsidiary provides a corporate vehicle that can be used as redevelopment opportunities emerge. The incorporation signals Raymond Realty's intention to create a specialised structure for pursuing redevelopment opportunities while continuing to expand its broader real estate portfolio.

Raymond Realty's Redevelopment Footprint

Raymond Realty is accelerating its expansion across Mumbai through an asset-light joint development agreement strategy, with six signed JDAs spanning prime locations including Bandra, Mahim, Sion and Wadala. The portfolio has an estimated gross development value of around INR 14,000 crore. The group owns 100 acres of legacy land in Thane. It develops residential projects under the brands TenX (aspirational), The Address by GS (premium) and Invictus by GS (super premium).