Shares of Raymond Realty climbed as much as 3.97% intraday on Wednesday, touching a day high of Rs 732.00 on the NSE.

The company announced a large joint development deal in Mumbai. The stock opened at Rs 711.50, above its previous close of Rs 704.05.

Here’s what drove the move. Raymond Realty has signed a Joint Development Agreement to build a residential project in Parel, Mumbai, marking the company’s first entry into South Mumbai.

The project carries an estimated Gross Development Value of around Rs 8,500 crore, making it the biggest project the company has undertaken outside its flagship Thane land parcel.

This isn’t a one-off deal either. It’s Raymond Realty’s eighth joint development project in Mumbai, and it takes the company’s total real estate portfolio GDV to around Rs 52,000 crore.

The location itself carries an advantage too, with planned connectivity via the Atal Setu, the Sewri-Worli Elevated Connector, Metro Line 11, and an upcoming underground tunnel linking the area to south Mumbai.

Company leadership sounded upbeat about the move. Gautam Hari Singhania, Chairman of Raymond Group, said the expansion continues to be guided by an asset-light, partnership-led approach that helps unlock value in some of Mumbai’s most sought-after locations. He added that the project reflects the group’s confidence in the city’s long-term growth.

Harmohan Sahni, Managing Director and CEO of Raymond Realty, echoed that view, saying the company’s disciplined, asset-light model and agile capital structure allow it to pursue high-value opportunities while staying capital efficient. He said the focus going forward remains on scalable growth and strong execution.

This project builds on a broader pattern for the company, which has been steadily expanding its footprint across Mumbai through similar joint development deals rather than outright land purchases, a strategy that keeps capital requirements lower while still growing the project pipeline.

Shares of Raymond Realty closed at Rs 713.65 on the NSE on Wednesday, up 1.36% or Rs 9.60 for the day, holding on to a solid chunk of the gains triggered by the Parel announcement.

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