₹210 crore for Raymond redevelopment

At a glance	Details
Investor	ICICI Prudential Real Estate Development Fund
Amount	₹210 crore
Investment vehicle	Ten X Realty West Ltd
Location	Mumbai Metropolitan Region
Portfolio GDV	Approximately ₹52,000 crore

Funding structure

The ICICI Prudential Real Estate Development Fund forms part of ICICI Prudential Real Estate AIF, a Category II alternative investment fund managed by ICICI Prudential Asset Management Company (ETRealty.com). Ten X Realty West has arranged to obtain the ₹210 crore financial investment for the MMR redevelopment.

Harmohan Sahni, Raymond Realty’s managing director and chief executive officer, said the investment would support the company’s asset-light expansion strategy in MMR and help accelerate redevelopment projects.

Sahni said the proposed investment would enable Raymond Realty to expand quickly, improve capital efficiency and bring project timelines forward while retaining its focus on precise execution and long-term stakeholder value (The Economic Times) (Rediff).

₹210 crore: Capital proposed by ICICI Prudential Real Estate Development Fund.
Ten X Realty West Ltd: Wholly owned subsidiary through which the redevelopment is being financed.
Eight projects: Raymond Realty’s joint-development agreement portfolio.
About 52%: Share of the company’s overall gross development value represented by those projects.

Portfolio profile

Raymond Realty’s joint-development portfolio contains eight projects with combined revenue potential of approximately ₹27,000 crore. Those projects account for about 52% of the company’s overall gross development value.

The company is using the asset-light joint-development model to expand in MMR. As described in the report, the approach relies on partnerships to execute developments rather than depending only on land and capital owned by the developer. The proposed fund investment forms part of this expansion strategy.

Sales performance

This represented a 98% year-on-year increase from ₹455 crore in the equivalent prior-year period. Raymond Realty disclosed the rise even though it had not launched any new projects during the quarter.

Sahni linked the performance to resilient sustenance sales and sustained homebuyer confidence in Raymond Realty’s projects. He added that the additional capital would give the company scope to expand quickly, use capital more efficiently and bring project schedules forward.

Collections advanced 67% during the quarter to ₹682 crore, compared with ₹409 crore in the year-earlier period. Customer receipts against property sales make up collections (CNBCTV18).

Raymond Realty’s shares ended the trading session 1.47% lower at ₹573.95.

Buyer information

The cited reports do not set out payment-plan terms, a launch schedule, handover dates or buyer-protection arrangements for the project receiving the proposed funding. A separate presale resale pricing case study provides additional context on that issue.

The joint investment in Ten X Realty West remains subject to the terms of definitive documents.