Real Estate Cycle Still Has 3–4 Years of Momentum Left: Raymond Realty CEO

Raymond Realty, the real estate arm of the Raymond Group, expects India’s current property cycle to continue strong for another three to four years, despite signs of fatigue in Mumbai’s ultra-luxury segment.

In an exclusive with Moneycontrol, CEO Harmohan Sahni said the market remains robust in the mid to premium category particularly homes priced below ₹10 crore. “Most of our inventory is in the ₹3–8 crore range. We’re not seeing any stress yet. We believe we are mid-cycle, with strong years ahead,” he said.

For FY25, Raymond Realty clocked a topline of ₹2,300 crore a 40% year-on-year jump and reported ₹372 crore in profit before tax. The company is targeting 20% annual growth in both topline and pre-sales bookings over the next few years.

The firm demerged from Raymond Ltd and set to list separately on July 1, is strategically steering clear of the luxury housing segment (above ₹10–12 crore), where inventory buildup is increasing after two years of high sales. Sahni cited visible “tiredness” in Mumbai’s luxury and ultra-luxury markets.

Raymond Realty operates through three brands based on pricing tiers TenX, Address By GS, and Invictus. Its best-selling segment remains Address By GS, with projects spread across Bandra, Thane, and other key micro-markets.

In Thane, where land rates hover around ₹20,000–₹23,000 per sq ft, Raymond Realty is developing a massive 100-acre legacy parcel in JK Gram. Of its 11.5 million sq ft potential, about 4.5 million sq ft has been launched; the remaining ₹16,000 crore-worth inventory will roll out over the next seven years.

The company is also betting big on redevelopment, with six signed projects worth nearly ₹15,000 crore in development potential.

Its micro-market strategy focuses on areas surrounding Mumbai’s business hub, Bandra Kurla Complex (BKC), with ongoing projects in Sion, Wadala, Bandra East, and Mahim. “We’re covering all sides of BKC except Chembur. The goal is to stay mid-market to premium not luxury,” Sahni emphasized.