Textile major Raymond announced its foray into the real estate segment on Wednesday.
The Raymond group has set up a new division called 'Raymond Realty' for its maiden venture into the real estate sector, according to a company statement.
"In our continued efforts to enhance value for stakeholders, Raymond has forayed into real estate development in order to monetise the land at Thane," Raymond Chairman and MD Gautam Hari Singhania said.
The land parcel is in the heart of Thane and offers a good potential for venturing into the real estate sector, he added.
First phase of the project will house 3,000 residential units across 10 towers.
"In phase 1, Raymond Realty is expected to achieve a top line of over Rs 3,500 crore with a profit margin of over 25 per cent during a period of five years," the company said.
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Raymond is a diversified group with majority business interests in textile and apparel sectors as well as presence across diverse segments such as FMCG, Engineering and Prophylactics in national and global markets.
Raymond has one of the largest exclusive retail networks in the country with over 1,000 stores across 400 towns.
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