Fashion and textile retailer Raymond Group on Wednesday announced its foray into the real estate development business by setting up a new division for its maiden venture.
Raymond will be monetising its land parcel in the heart of Thane. "We intend to build a large integrated township that will have the potential to deliver a lifestyle well above the ordinary and still be in reach," Chairman and Managing Director Gautam Hari Singhania said in a statement.
With a theme of 'Go Beyond,' the company will undertake a large gated community called 'Aspirational District' spread over 14 acres.
The first phase of the project will have 3,000 residential units across 10 towers.
The project is expected to be cash positive on a year-on-year basis and will not require significant debt funding. The peak funding till 2019-2020 is expected to be Rs 250 crores and a major portion of this has already been spent in the planning phase and obtaining statutory approvals.
In the first phase, the company expects to achieve a top line of over Rs 3,500 crores with a profit margin of over 25 per cent during five years.
Raymond is India's largest integrated worsted suiting manufacturer that offers end-to-end solutions for fabrics and garmenting.
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