Raymond Realty plans two Mahim launches and brings in ₹210 crore from ICICI fund

Raymond Realty said on 28 October 2026, during its Q2 FY27 results call, that it plans two redevelopment launches in Mahim, Mumbai: one in Q3 FY27 and another in Q4 FY27. Management put their combined gross development value (GDV, the total sales value of a project) at about ₹4,100 crore. The same day, the company disclosed a funding arrangement for the Mahim work. Its wholly owned subsidiary, Ten X Realty West Limited, agreed to secure ₹210 crore from ICICI Prudential Real Estate Development Fund, a Category II alternative investment fund (AIF) managed by ICICI Prudential AMC. The company's filing from Mumbai is dated 26 October 2026.

How the fund's money is structured

Ten X Realty West will undertake the redevelopment. Raymond Realty and the fund will invest in it jointly as financial investors, under definitive documents. Management said the ₹210 crore will be nearly 60% of peak project capital, while Raymond Realty contributes 40%. Raymond Realty will earn a 5% execution fee on the project's total turnover for its role as execution partner. Residual profit after that fee will be split equally with the fund, so Raymond Realty will receive 50% of residual profit despite a 40% capital share. Management said the funds will arrive in tranches: the first within 30 days of 28 October 2026, and the balance by March 2027. The conversion terms of the instrument through which the money will come in have not been disclosed.

Management said the investment operates at the subsidiary level and does not change the management or control of Raymond Realty Limited. It put the promoter commitment to the project at about ₹400 crore. Harmohan Sahni, MD and CEO, said: "The proposed financial investment by ICICI Prudential Real Estate Development Fund marks a defining milestone in Raymond Realty's growth trajectory across the Mumbai Metropolitan Region (MMR)."

The two Mahim launches

Management's timing is a launch in the latter part of Q3 FY27 (October to December 2026) and a second in Q4 FY27 (January to March 2027). Q2 results coverage reported the GDV split as about ₹2,300 crore for the Q3 project and about ₹1,800 crore for the Q4 project, with RERA carpet areas of about 0.39 million and 0.41 million square feet respectively. Earlier coverage from the Q1 FY27 call had put the two projects at about ₹2,500 crore and ₹2,000 to ₹2,200 crore, so the split should be read as reported rather than final. The company has not said which launch the AIF money will fund.

Mahim sits in the western suburbs. The Brihanmumbai Municipal Corporation has re-tendered a Mahim to Bandra East flyover, estimated at over ₹220 crore, that will connect Senapati Bapat Marg in Mahim with Kalanagar junction in Bandra East. No completion date has been set in the sources reviewed, and no dated Mahim metro or road completion schedule was found. Cushman & Wakefield reported that prices rose 10 to 12 per cent year-on-year across several suburban markets in the first quarter of 2026. Analysts cautioned that quoted prices may not match final transaction values, and that delays in promised infrastructure could leave buyers paying a premium before the connectivity benefits arrive.

What it means for buyers and investors

For buyers, the subsidiary-level funding does not by itself change the price of any flat. The company has not announced launch prices for the Mahim projects. Under the Maharashtra Real Estate (Regulation and Development) Act, a project must be registered with MahaRERA before it can be advertised or booked, so buyers should check the registration and approved plans once they are published, and not rely on prices in listings before that.

For investors, the filing describes funding and launch timing, not a completed launch. In Q2 FY27, revenue rose 7.5% and EBITDA grew 15.7% year-on-year, but net profit fell 11.8%. Booking value rose 111% year-on-year in H1 FY27, and non-Thane projects contributed 57% of pre-sales, though there were no Q2 launches. For FY27, management guided to about 20% pre-sales growth, EBITDA margin of 17 to 19%, and profit after tax margin of 9 to 10%. Management also said newly launched joint development projects are typically cash-flow negative for two years before turning positive. Analysts said the next phase is about converting a larger, geographically broader pipeline into cash without financing costs overwhelming operating gains.

The company's portfolio stands at about ₹52,000 crore of GDV, of which about ₹25,000 crore is owned-land projects and about ₹27,000 crore is joint development projects. A Parel joint development project with estimated GDV of ₹8,500 crore was signed in H1 FY27 and is about 18 months from market launch, according to management. Kandivali, Parel and a Thane owned-land parcel are slated for Q2 FY28.

• First AIF tranche: expected within 30 days of 28 October 2026.
• Mahim launch in Q3 FY27: the latter part of October to December 2026 window, and whether pricing and RERA registration are announced with it.
• Mahim launch in Q4 FY27: January to March 2027.
• Balance of AIF funds: due by March 2027, and which project it is linked to.