Raymond Realty Raises 210 Crore from ICICI Prudential Fund

Raymond Realty secures ₹210 crore from ICICI Prudential Real Estate Development Fund for its subsidiary Ten X Realty West to support a redevelopment project in Mumbai’s Mahim area.

Raymond Realty raises ₹210 crore from ICICI Prudential Real Estate Development Fund to support a redevelopment project through its wholly owned subsidiary, Ten X Realty West Limited. The investment strengthens the developer’s project-specific funding strategy and supports its expansion across premium residential locations in the Mumbai Metropolitan Region (MMR).

The proposed investment focuses on the redevelopment of a project in Mahim, Mumbai. The partnership brings together Raymond Realty’s development capabilities and the fund’s real estate investment expertise to advance the project. The transaction also reflects the growing use of structured funding arrangements to finance redevelopment opportunities in established urban neighbourhoods.

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Raymond Realty is expanding its presence across the MMR through a combination of owned developments and joint development agreements (JDAs). The company’s portfolio has an estimated gross development value (GDV) of approximately ₹52,000 crore, while its JDA portfolio comprises eight projects with a combined revenue potential of around ₹27,000 crore, according to the company’s reported figures.

The latest investment comes as Raymond Realty records stronger operational performance. In the second quarter of FY2026–27, the developer reports pre-sales of ₹902 crore, a 98% increase from ₹455 crore in the corresponding quarter of the previous financial year. Collections rise 67% year-on-year to ₹682 crore. For the first half of FY2026–27, pre-sales reach ₹1,602 crore, compared with ₹760 crore a year earlier.

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The company also plans to launch two redevelopment projects in Mahim during the second half of FY2026–27, with a combined GDV exceeding ₹4,100 crore. These projects form part of its broader strategy to scale operations while maintaining a focus on collections, execution and financial discipline.

The ₹210 crore investment highlights the role of institutional capital in supporting redevelopment projects across Mumbai, where established neighbourhoods offer opportunities to renew existing housing stock. For Raymond Realty, the funding supports its project pipeline and reinforces its strategy of expanding through targeted developments across the MMR.