Raymond Realty Signs 7th Joint Development Agreement in Kandivali, Mumbai — GDV of ₹3,000 Crore
Expansion into Kandivali: Raymond Realty's Seventh JDA
Raymond Realty Limited has signed definitive documents to develop a residential project in Kandivali, Mumbai, with an estimated gross development value of approximately ₹3,000 crore. Announced on March 9, 2026, the project marks the company's seventh joint development initiative in Mumbai and its third redevelopment project in the western suburbs.
Strategic Focus on Western Suburbs
The project represents the company's third redevelopment initiative in the western suburbs of Mumbai, highlighting its growing focus on redevelopment opportunities in key urban locations. Raymond Realty did not disclose the name of the landowning entity with whom it has signed the joint development agreement (JDA), nor the total size of the land parcel.
Kandivali has emerged as a key redevelopment zone in Mumbai's suburban landscape. The locality is undergoing significant transformation, with large-scale housing cluster initiatives addressing aging residential infrastructure in multiple neighborhoods.
Portfolio Growth Milestone
Following the addition of the Kandivali project, the total gross development value of Raymond Realty's real estate portfolio is expected to approach ₹43,000 crore. Raymond Realty became an independently listed entity in July 2025, following the demerger of the real estate business from Raymond Ltd., allowing it to focus exclusively on its property ventures.
The JDA Model in Raymond's Growth Strategy
Management expects JDA projects to constitute half of annual pre-sales within 2 years. Expansion will lean heavily on capital-light JDAs, while the 100-acre land bank provides ample runway for in-house projects.
Harmohan Sahni, CEO of Raymond Realty, said the company remains focused on expanding its portfolio in premium urban micro-markets while maintaining strong execution capabilities, and is on track to scale its business through disciplined capital deployment, strong project execution, and a focus on end-user demand, which continues to remain robust in Mumbai's residential sector.
Recent Context: Company Performance
Raymond Realty reported an 11% sequential increase in net profit to ₹66.8 crore in the latest quarter, compared with ₹60.2 crore in the previous quarter. Revenue for the quarter rose 8.8% quarter-on-quarter to ₹757.5 crore from ₹696 crore.
Additional Launches Ahead
In the fourth quarter, Raymond Realty expects to introduce four new projects, including two developments under the JDA model, with the two JDA launches located outside the Thane market, specifically in Wadala and Sion in Mumbai.