Raymond Realty is a branded homebuilder that sells apartments the way consumer companies sell products - with distinct labels for aspirational, premium and luxury buyers - and it does so exclusively in India’s most unforgiving property market, the Mumbai Metropolitan Region. Born from the century-old Raymond Group’s real estate division in 2019, the company proved its execution mettle by delivering its first township of over 3,100 homes two years ahead of schedule during the pandemic, then became a standalone listed company in July 2025 after a demerger. Its recurring approach is to apply manufacturing-style precision - Lean, Six Sigma, on-time delivery - to an industry it sees as commoditised, and to expand not by buying expensive land but by persuading landowners to partner with it, a shift it pulled off a year ahead of its own target. # Business segments A single-engine business - branded residential and retail development in the Mumbai Metropolitan Region - run on two complementary land strategies, one legacy-owned and one asset-light, that feed the same product brands and operational machine. ## 1. Thane legacy land bank: the owned foundation with a built-in cost advantage **A \~100-acre parcel inherited at a very low book value gives the company a structural margin cushion and a captive pipeline of \~₹25,000 crore in potential revenue, with 60 acres already under development.** - **Cheaper land than any rival can find today** - the entire Thane parcel was acquired long ago at a negligible cost, so every apartment sold here carries a raw-material advantage that a competitor buying land at current market prices cannot match. - **A township already proven** - the maiden project, Ten X Habitat, packed 3,103 homes into 4.3 million sq. ft., sold out completely, and received its full Occupation Certificate, establishing the Thane site as a credible destination rather than a speculative plot. - **Three brands, one address** - the 60 acres under development host projects across all three consumer tiers: the aspirational TenX series (Era, District 9, Vibe), the premium Address by GS (Seasons 1, 2 and 3), and the luxury Invictus by GS (Towers A and B), plus retail streets Park Avenue and Park Street, so the land serves every customer segment the company targets. - **Infrastructure is arriving around it** - upcoming Metro Lines 4 and 5, the Thane-Borivali Twin Tunnel, the coastal road and the bullet train route are all expected between 2026 and 2028, which should make the location more accessible and valuable without the company having to build the connections itself. - **A digital factory on site** - construction on this land uses BIM Digital Twins, 4D planning, drone-to-BIM integration and IoT equipment monitoring, so the company can track progress and quality in real time across multiple towers simultaneously. ## 2. Joint Development Agreement portfolio: the asset-light growth engine **By acting as the developer on someone else’s land and sharing revenue rather than buying the plot, the company has unlocked \~₹17,000 crore of project value in prime Mumbai locations without tying up capital in land.** - **Prime postcodes without a purchase** - the seven JDA projects sit in supply-constrained micro-markets like Bandra, BKC, Wadala, Sion, Mahim and Kandivali, locations the company could not economically buy into but can access because landowners contribute the land. - **The Raymond brand opens doors** - landowners in MMR choose to partner because of the group’s century-old name recognition, the company’s track record of delivering projects early, and its institutional financial discipline, which together matter more than the highest bidder’s price. - **Scaled to half the business in two years** - JDA projects contributed 55% of annual pre-sales in FY26, up from 22% the year before, hitting the targeted 50-50 split between Thane and non-Thane bookings a full year ahead of the original FY27 deadline. - **Premium and luxury only** - the JDA sites carry the higher-end brands, Address by GS and Invictus by GS, because the locations command prices that justify premium positioning, so the asset-light engine also lifts the product mix upward. - **Pipeline already loading** - two Mahim projects are in advanced approval stages for launch within 12 to 15 months, and the Kandivali addition signed in FY26 will follow, keeping the JDA engine fed without any land-acquisition cash outlay. ## 3. Branded residential products: selling homes like consumer goods **In an industry the company calls commoditised, it creates distinct product brands - TenX, The Address by GS and Invictus by GS - each with a clear price-tier identity, and sells them through a digital, relationship-led engine to mostly end-user buyers.** - **Three tiers, one promise** - the aspirational TenX brand offers 1-to-3 BHK homes, the premium Address by GS spans 2-to-6 BHK residences, and the ultra-luxury Invictus by GS delivers 3-to-4.5 BHK “Power Living” apartments, so a buyer can move up the ladder without leaving the company’s ecosystem. - **Retail as a recurring side dish** - the Park Avenue and Park Street commercial brands sell high-street shops directly to end-consumers in Thane, and the company aims to launch some element of retail every year, creating a second, smaller revenue stream from the same development sites. - **Sold to users, not speculators** - the buyer base is primarily actual users who prioritise functionality, connectivity and developer reliability, which means demand is less fickle than investor-driven markets and brand reputation carries real weight. - **Cash collected as the building rises** - the construction-linked payment plan ties collections to superstructure completion, so roughly 80% of cash from a four-year project arrives in the first three years, and customer advances are expected to fund over 70% of total project cost, reducing reliance on external debt. - **Digital tools, human touch** - the go-to-market stack includes an AI-enabled digital presence, a Salesforce CRM backbone and a channel-partner app called SYNC, but premium and luxury sales rely on a consultative, advisory approach led by a dedicated Chief Sales & Marketing Officer and a Chief Customer Experience Officer. ## 4. Operational engine: the manufacturing mindset that ties it together **The company runs real estate development as a production line - “build fast, sell fast” - with Lean, Six Sigma and on-time delivery disciplines applied to design, approvals, construction and handover.** - **The 3M and 5R framework** - every project is managed through a system built on Man, Material and Machine, with a 5R execution discipline, integrating Kaizen and OTIF (On-Time, In-Full) principles borrowed from factory floors. - **Quality watched in real time** - an Independent Quality Audit Cell, a Digital Quality Control system, BIM Digital Twins and drone-to-BIM integration let the company monitor construction quality continuously rather than relying on periodic inspections. - **Surplus-generating project math** - across launched projects, the total estimated collection from pending sales and unsold inventory is roughly ₹18,098 crore against remaining project costs of about ₹9,573 crore, implying an estimated surplus of \~₹8,526 crore that can be recycled into new launches. - **Green by design, not by afterthought** - all construction aligns with Indian Green Building Council standards targeting Gold certification; the Sustainable Sourcing Policy mandates carbon-footprint disclosures from vendors, a 250-kilometre proximity rule for suppliers, and use of recycled steel and take-back packaging. - **Balance-sheet headroom** - gross debt-to-equity sits at 0.6, comfortably below the internal ceiling of 1:1, with a liquidity buffer of ₹358 crore at year-end, so the company has room to fund launches and absorb shocks. # Group structure and partners **A recently demerged, promoter-backed standalone company with two newly incorporated subsidiaries held as special-purpose vehicles for future redevelopment projects.** - **Listed independence** - the company was demerged from Raymond Limited with an appointed date of April 1, 2025, and listed on BSE and NSE on July 1, 2025, transforming the group’s real estate division into a separately traded public company. - **Eight-person board with deep real estate experience** - the board includes Managing Director Harmohan Sahni (30-plus years in real estate), Chairman Gautam Hari Singhania, and five independent directors covering finance, law and governance, with one woman director. - **Two shell subsidiaries for future projects** - Ten X Realty North Limited (incorporated October 2025, name changed from Chembur Realty in May 2026) and Ten X Realty South Limited (incorporated May 2026) are wholly owned special-purpose vehicles with nil turnover, created to explore redevelopment opportunities and ring-fence project-specific risks.