Raymond Realty Expands in Mumbai with 7th Major Joint Development Project
Raymond Realty has announced its seventh major joint development project in Mumbai, specifically located in Kandivali with a gross development value of approximately Rs. 3,000 crores. This residential project marks the company's third venture in Mumbai's Western Suburbs and will bring the company's total Gross Development Value close to Rs. 43,000 crores, reinforcing its strategic expansion in the metropolitan real estate market.
The latest joint development initiative continues Raymond Realty's established pattern of strategic partnerships in Mumbai's real estate sector. This Kandivali residential project demonstrates the company's commitment to expanding its presence in India's financial capital through joint venture arrangements.
Key details of the project include: - Project Type: Joint Development - Location: Kandivali, Mumbai - Gross Development Value: Rs. 3,000 crores (approx.) - Project Number: 7th major joint development - Regional Position: 3rd project in Western Suburbs
Commenting on the development, Harmohan Sahni, CEO of Raymond Realty, stated, 'As we continue to scale our portfolio across high-quality urban locations, we are on track to compound growth with execution excellence and disciplined capital deployment, while delivering strong end-user demand and sustained investor returns.'
With this addition, the Gross Development Value of Real Estate projects of the company will be close to Rs. 43,000 crores. This seventh joint development project reinforces Raymond Realty's strategic approach to growth through partnerships in Mumbai, particularly strengthening its foothold in the Western Suburbs market.
The project is poised to contribute substantially to the company's future growth and solidify its presence as a key player in Mumbai's competitive real estate landscape. Raymond Realty's consistent focus on joint development arrangements continues to be a key component of its expansion methodology in the metropolitan real estate market.
Raymond Realty Limited has also successfully concluded its postal ballot process, with shareholders approving all five special resolutions related to the Raymond Realty Employees Stock Option Plan 2025. The voting results were announced on February 21, 2026, following the completion of the electronic voting period. The postal ballot was conducted exclusively through electronic means, with the record date set as January 16, 2026. A total of 233,748 shareholders were eligible to participate in the voting process.
All five special resolutions were passed with requisite majority. The voting results demonstrated strong shareholder support across all proposals. The main ESOP approval received 99.71% votes in favor, while other resolutions secured over 93% approval.
The voting participation varied across different shareholder categories. Promoter and Promoter Group showed near-complete participation with 99.9983% of their shares being voted across all resolutions. Public institutional investors demonstrated significant engagement with 46.2994% participation, while public non-institutional investors had lower but consistent participation rates around 1.04%.
The postal ballot process was conducted in accordance with Sections 108 and 110 of the Companies Act, 2013, and Regulation 44 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. National Securities Depository Limited facilitated the remote e-voting process through their designated platform.
Uma Lodha, Company Secretary (Membership No. 5363) from Uma Lodha & Co. Company Secretaries, served as the scrutinizer for the postal ballot process, ensuring transparency and compliance with regulatory requirements.
