Raymond Realty ends joint audit, keeps Walker Chandiok as sole auditor

Raymond Realty Limited said on 2 November 2026 that Walker Chandiok & Co. LLP will remain its statutory auditor, after the company ended its joint-audit arrangement with Chaturvedi & Shah LLP. The listed developer, focused on the Mumbai Metropolitan Region (MMR), said the change followed a commercial disagreement over a fee revision that the outgoing firm had sought.

What changed in the audit set-up

A statutory auditor is the independent firm that examines a listed company's accounts and signs off that they give a true picture. Raymond Realty had been audited jointly by Chaturvedi & Shah and Walker Chandiok. With the joint arrangement ended, Walker Chandiok will oversee all financial audit processes on its own, the company said.

The company tied the fee revision to its internal cost-management policies across vendor and professional-service contracts. Its statement did not give a date for when the joint arrangement ended.

The company said the outgoing auditors had confirmed there were no concerns about its management, and that they had fulfilled all their reporting obligations before leaving. The company also said that all related-party transactions, meaning dealings with connected parties, are reviewed and certified by an independent third party, E&Y LLP. No order from a regulator or court has been linked to the auditor change.

Portfolio and the Mumbai pipeline

In the statement, Harmohan Sahni, Managing Director and CEO, said the company is executing its asset-light joint development agreement (JDA) strategy. Under a JDA, the developer builds on land it does not buy outright and shares returns with the landowner, which reduces the upfront capital needed.

The company said its eight JDA projects have a revenue potential of about ₹27,000 crore, and that the total portfolio has an estimated gross development value (GDV, the total expected sales value of all units) of about ₹52,000 crore. Four JDA projects in Bandra, BKC, Wadala and Sion have been launched, with revenue potential of about ₹11,500 crore, according to its Q2 FY27 update. The company also holds about 100 acres of owned land in Thane, which it puts at revenue potential of about ₹25,000 crore.

For the July to September 2026 quarter, the company reported total income of ₹757 crore, up 7% from ₹706 crore a year earlier. Booking value rose 98% to ₹902 crore, and collections rose 67% to ₹682 crore.

What it means for buyers and investors

The statement did not announce any change to a project, price or possession date, so there is no direct effect on homebuyers. For investors, the company's position is that the audit change was a fee dispute and not a governance concern. One brokerage research note said it did not expect a negative effect on the share price. That is the note's view, not an outcome.

Separately, a subsidiary, Ten X Realty West, is raising ₹210 crore from the ICICI Prudential Real Estate Development Fund for redevelopment work in the MMR. The company's statement refers to the investment.

The Mahim 1 and Mahim 2 JDA projects are planned for launch in the second half of FY27, which runs to March 2027. The company's Q2 update gives their GDV as ₹1,800 crore and ₹2,300 crore, with RERA carpet areas of about 0.41 million sq ft and 0.39 million sq ft. The Parel redevelopment, with revenue potential of about ₹8,500 crore, is expected to launch about 18 months after its signing, management said. The company has said the eight JDA projects will continue to be executed. It has not announced a further auditor appointment step beyond the sole-auditor arrangement.