Raymond Realty shares hit a day high of Rs 708.00 on Friday, 3 July, after a sharp jump in its Q1 home sales numbers.

Raymond Realty said its pre-sales, which is basically the value of homes it managed to sell during the April to June quarter, more than doubled to Rs 700 crore.

That’s a jump of 129% compared to the same period last year. Money actually collected from buyers also rose sharply, up 47% to Rs 550 crore.

For a real estate company, that combination matters a lot, it means people aren’t just booking flats, they’re also paying up.

The company said this happened even without launching any brand new residential projects during the quarter, which makes the numbers a bit more impressive.

Most of the demand came from its existing project portfolio in the Mumbai region. There’s a debt side to this story too, and it’s worth knowing.

Raymond Realty’s outstanding borrowings stood at Rs 1,097 crore as of 30 June, most of it going into construction costs for projects launched last year.

After accounting for cash on hand, its net debt works out to Rs 827 crore. The company said this remains comfortably within its own internal limits.

Raymond Realty shares closed Friday’s session at Rs 680.00 on the NSE, up 7.83% from the previous close of Rs 632.65.

The rally adds to what’s already been a strong year for the stock, up over 30% since January and nearly 9% in the past week alone.

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