The deal is signed with Virtuous Retail South Asia for Rs. 700 crores
Mumbai: JK Investo Trade (India) Limited (JKIT), an Associate Company of Raymond has entered into an Agreement For Sale (AFS) for its property measuring 78,310 sq. meters (~20 acres) located at Village Panchpakhadi, Thane (West) with an affiliate of Virtuous Retail South Asia Pte. Ltd. (VRSA) for Rs. 700 crores subject to payment of taxes, cost of approval as applicable.
The land parcel at Raymond Junction adjoining the Singhania School has a significant advantage in terms of its location and this deal is seen to be iconic as it will bring in significant commercial development in Thane. Commenting on the development, Gautam Hari Singhania, Chairman & Managing Director, Raymond Limited said, “The sale of JKIT land parcel is a major step towards our strategy of asset monetization and value creation for our shareholders. I am delighted to state that this land deal, which is a large FDI in terms of real estate in Thane will bring in the much required state of the art commercial and retail development and will lead to multiple job creation along with sustainable long term employment opportunities. Given the fact that our residential project, ‘Raymond Realty’ is underway, this development will ensure a vibrant real estate eco-system within its vicinity offering home buyers a better choice. Virtuous Retail South Asia is known for developing high performance retail environments. Overall this landmark deal would give the much required impetus to Thane’s real estate development in terms of residential, retail and commercial space.
Commenting on the acquisition, Sid Yog, Founder and Chairman of the Board, VRSA, said, “Prime land parcels of this size seldomly trade, especially in major metropolitan markets like Mumbai. We have been waiting patiently for the ideal opportunity to expand our award-winning portfolio into the Mumbai region, and are delighted to finally embark on the development of a VR flagship center in the city as part of a larger master-planned development promoted by a like-minded partner like Raymond. We envision a vibrant, 24/7, people-centric development that will draw upon the heritage and history of the region, bolster tourism, create thousands of new jobs, and make a major contribution to the local economy and community.”
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