Raymond Realty readies two Mahim redevelopments as Mumbai pipeline expands
Raymond Realty has moved its two Mahim projects toward the market, with pre-launch activity now underway for its residential developments in Mahim West, Mumbai. The company plans to launch two joint development agreement projects in Mahim during the second half of FY27, which runs from October 2026 to March 2027. Together they carry a combined gross development value of more than ₹4,100 crore.
The second of the two projects, which the company is marketing as Raymond Realty Mahim 2, carries an estimated gross development value of ₹2,300 crore and about 0.39 million square feet of RERA carpet area. The first Mahim project is valued at ₹1,800 crore with 0.41 million square feet of carpet area, bringing the combined figure to around 0.80 million square feet.
The project details
Both developments are being brought forward under the company's capital-light joint development model, in which Raymond Realty works with housing societies to redevelop existing properties. The Mahim West work sits within this framework. In October 2023, Ten X Realty Limited, a step-down wholly owned subsidiary of the company, was selected as preferred developer for the redevelopment of Kumari Jethi T Sipahimalani CHS Ltd, also known as Navjivan Society, on Mori Road in Mahim West. The site spans 3.6 acres, and the redevelopment was estimated at a revenue potential above ₹1,700 crore over the project period. A further joint development agreement for a residential project in Mahim West was signed in February 2025 by Ten X Realty West Ltd.
The pre-launch positioning reflects the scale of the offering. Key figures for the Mahim portfolio are:
- Combined gross development value of more than ₹4,100 crore across two projects
- Combined RERA carpet area of about 0.80 million square feet
- Mahim 2 gross development value of ₹2,300 crore on about 0.39 million square feet
- Mahim 1 gross development value of ₹1,800 crore on about 0.41 million square feet
- Product type: luxury residential apartments
- Location: Mahim West, Mumbai, Maharashtra 400016
Pricing for the new launches has not been set out publicly. The company has indicated that it may look at price increases of 6 to 8 per cent for its upcoming inventory, a reflection of the market backdrop in which Mahim West has been firming.
The location
Mahim is the last station on Mumbai's western suburban corridor, with Bandra as the next suburb to the north. Mahim Junction is served by the Western and Harbour railway lines, while Shitaladevi Mandir station on Metro Line 3, the Aqua Line, opened to the public on 10 May 2025 and lies underground in the Wanjawadi area of Mahim West. One of its exits leads toward P.D. Hinduja National Hospital, which was founded in 1951 and is roughly one kilometre from Mahim railway station. Mahim Fort sits about one kilometre west of Mahim Junction.
Road access runs through the Mahim Causeway, which links Mahim to Bandra, and the Bandra-Worli Sea Link, a 5.6 km bridge that connects Bandra to Worli and has cut a journey that once took up to an hour in peak traffic to roughly ten minutes. Chhatrapati Shivaji Maharaj International Airport is within a short drive. Average asking prices in Mahim West have risen steadily, with listing data for July to September 2026 placing average apartment rates near ₹49,400 per square foot on a carpet-area basis, and wider Mahim averaging about ₹34,189 per square foot in October 2026.
The developer
Raymond Realty Limited became an independently listed company on 1 July 2025, following the demerger of the real estate business from Raymond Limited, which had been incorporated as Raymond Woollen Mill in 1925. The real estate arm has built a presence in Thane and Mumbai since 2019. Its portfolio carries a gross development value close to ₹40,000 crore, and the company has completed two projects while building six more.
Its most recent completion is Address by GS Season 1 Tower B in Thane, which received occupancy certification for 270 units with a total RERA carpet area of about 344,478 square feet. The tower was finished around 18 months ahead of its RERA completion date. In Mumbai, the company is developing redevelopment projects in Bandra East, Parel with a GDV of ₹8,500 crore, and Kandivali with a GDV of ₹3,000 crore. Its Address by GS project in Sion East offers over 40 leisure amenities on a four-acre gated site.
Pre-sales for FY26 reached ₹3,023 crore, up 31 per cent, and second-quarter FY27 pre-sales came in at ₹902 crore, up 98 per cent year on year. CARE has reaffirmed the company's rating at A+ with a stable outlook.
What comes next
The Mahim projects are expected to move into the market during the second half of FY27. Buyers and prospective investors can follow the launch schedule, which will bring the first formal pricing, unit configurations and booking details for the two developments. The Mahim West redevelopment and the Mahim 2 pre-launch will be the next milestones to watch as the company brings its Mumbai pipeline to market.