Ten X Realty to redevelop project in Mumbai, Real Estate News, ET RealEstate

October 30, 2023

NEW DELHI: Ten X Realty (TXRL), a step down wholly-owned subsidiary of Raymond, has been selected as the ‘preferred developer’ for redevelopment of Kumari Jethi T Sipahimalani CHS (also known as Navjivan Society) located in Mahim West, Mumbai.

Spread across 3.6 acres, the project has a revenue potential in excess of Rs. 1,700 crore, according to the company. It will pursue this project post internal and external approvals, as required.

Recently, the board of directors of Raymond had approved to invest an amount up to Rs. 301 crore in one or more tranches in Ten X Realty.

The company had said that it invest up to Rs 125 crore in the form of redeemable preference shares and balance amount of Rs. 176 crore will be invested by providing Inter Corporate Deposit (ICD) to TXRL.

  • Published On Oct 30, 2023 at 12:00 PM IST

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