Textile major Raymond's board has approved the development of 15-20-acres of the company's surplus land at Thane near Mumbai for building residential projects.
These housing projects would be in the affordable housing category, Raymond's Chairman and Managing Director Gautam Singhania told reporters here today.
"The proposal is to start development of the land in Thane which is not part of our factory operations. This proposal is in line with our strategy to unlock value of the land," Singhania said.
In Phase I, the company will develop 15-20-acres of its total surplus land, Singhania said, without divulging the total amount of surplus land nor the investment earmarked for the project.
He, however, said the project would be funded entirely through internal accruals.
"The (real estate) market has started reviving. We will tweak our product according to the market needs," he said.
The company will be seeking shareholder approval through postal ballot and expects to complete the process in early-November.