• Industry
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ICICI Prudential real estate fund to invest ₹210 crore in Raymond Realty's subsidiary for MMR redevelopment project

ICICI Prudential Real Estate Development Fund will invest ₹210 crore in Ten X Realty West, a wholly owned subsidiary of Raymond Realty, to support redevelopment of a project in the Mumbai Metropolitan Region. Raymond Realty’s JDA portfolio currently comprises eight projects with a combined revenue potential of about ₹27,000 crore.

The funds will be used to facilitate the redevelopment of one of its projects in the Mumbai Metropolitan Region (MMR).

Harmohan Sahni, managing director and CEO said the investment will support the company’s asset-light expansion strategy in MMR and help accelerate redevelopment projects.

Raymond Realty currently has a total portfolio with estimated gross development value of approximately ₹52,000 crore across MMR.

Its joint development agreement portfolio comprises eight projects with combined revenue potential of around ₹27,000 crore, representing about 52% of the company’s overall GDV, according to the company.