Raymond Realty may get listed in Q2FY26: CEO

Raymond Limited’s real estate arm, Raymond Realty, plans to get listed during the second quarter of the next financial year (Q2FY26), according to Harmohan Sahni, chief executive officer (CEO), Raymond Realty.

“We are expecting the order by June-July 2025 as far as the National Company Law Tribunal (NCLT) is concerned.

The listing should happen sometime between August-September next year, according to our current estimates,” Sahni said.

In an interaction with Business Standard, Sahni said the company does not need to raise additional capital for the next 18 to 24 months and that it is “sitting on a pile of cash in this business currently.”

It recently bagged the No Objection Certificate (NOC) from the stock exchanges for the demerger of its real estate business.

Currently, the company has assets with a gross development value (GDV) of Rs 32,000 crore across Thane and the Mumbai Metropolitan Region (MMR).

Sahni noted the company is actively scouting for opportunities in Pune.

The company’s business model is led by the joint development agreement (JDA) projects, as it is banking on the redevelopment market.

“Our stated intent is to look at JDA. It’s a land-sourcing strategy at the end of the day.”

The company believes the model aligns with its skill set and strengths.

“We believe we are good at relationship management, delivering on all our promises that we make to our partners, which are the two key ingredients needed for JDAs,” Sahni said.

Sahni informed that the area of non-owned JDAs over the original land will keep on growing.

“We are adding almost Rs 5,000-Rs 7,000 crore of GDV every year at the minimum; in a good year it can go up to Rs 10,000 crore,” he added.

According to Sahni, the company has already hit almost the 35-40 per cent mark for JDAs in terms of GDV.

“In the next two years, there will be a lot of growth coming from the larger MMR and a little from Pune, because we are just beginning in Pune; it will take some time to build it up.”

In FY24, Raymond Realty’s pre-sales stood at Rs 2,000 crore, Sahni said.

“We have promised an annual growth of 20 per cent at the minimum, and we have clear visibility of that for the next two years for sure.

"Prachi PisalIt is kind of locked in. Apart from margins being minimum 20 per cent, growth rate also should be minimum 20 per cent on top line and bottom line.”

“The whole idea is to under promise and over deliver.

"Currently, all our efforts and the work that we are putting in are going towards year three, year four, and year five to ensure that the same trajectory continues,” Sahni noted.

He is banking on infrastructure development in the company’s target markets, MMR, Pune, and is also expecting the real estate upcycle to last for at least the next 2-3 years.