THANE: The Raymond group has announced its foray into the real estate sector and launched its debut project, a residential complex spread over 14 acres of its vast industrial land at Pokhran in Thane on Wednesday.

Gautam Singhania, chairman and managing director of Raymond Ltd, said the project will house 3,000 residential units across 10 towers of 42-storeys each, with smart-sized 2-bed homes which will be developed over five years. Singhania added they wanted to monetize the land, at a prime spot in the heart of Thane, which gave them an edge over others in providing flats within the reach of the majority.

“The Raymond group has forayed into real estate development to monetize our land at Thane. We plan to build a large integrated township here that will be a cut above the rest in terms of quality of life and still be within the reach of the common man. I have been involved in almost every small aspect related with the project since the start. We have woven in all aspects for improving the happiness quotient of our flat-buyers,” Singhania told TOI.

Meanwhile, the fashion and textile retailer also announced the launch of its academic institution, the Smt Sunitidevi Singhania School from June 2019. The school is adjoining the upcoming project and will have independent access to the residential complex, easing safety concerns of parents. This is the second academic institution to be managed by the group after Smt Sulochanadevi Singhania School, as part of its corporate social responsibility. The initial capacity of the school will mostly be 1,500 students and admissions will be accepted from the pre-KG to class VI. The school will follow the ICSE board pattern.

Realty experts said the project is likely to add to the inventory in the city, which is roughly 15,000 residential units by the end of the fiscal year. But the company claimed this was the right time for the group to enter the realty market, especially Thane, as the city was showing great potential in terms of infrastructure improvement and also possible migration from neighbouring suburbs.

K Mukund Raj, CEO of the realty sector, said they were confident of drawing buyers by providing competitive amenities, including a massive open space with hundreds of trees and international-styled club house. The carpet area configuration of these flats is 515 sq ft and 640 sq ft, and are priced at Rs 1.02 crore to Rs 1.55 crore.

[“source=timesofindia.indiatimes”]