Textile major Raymond to bet on affordable homes

Apparel and textile major Raymond Ltd has announced plans to develop 18 acre surplus land to build affordable residential property in Thane, Mumbai. “Depending on the response to this project, we will decide our future strategy for the real estate business,” said Gautam Hari Singhania, chairman and managing director, Raymond Ltd. Raymond’s Thane unit covers an area of 160 acres, which also has a school and a hospital in it. The company is appointing an internal team to start with, Singhania said, adding, it would gradually recruit experts for the real estate business. The realty sector has caught the fancy of quite a few textile companies, including Bombay Dyeing, Century Textiles and Alok Industries. Since most textile mills in Mumbai have shifted operations to the hinterland of Maharashtra or Gujarat, the land thus freed is being used by real estate developers for building residential and commercial complexes. Source:http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=6817&cat_id=1 Posted in Builders/ Developers, Mumbai, New projects Tagged: Affordable Residential Property, Mumbai, Raymond Group