Raymond Realty Q2 FY27: pre-sales up 98% to ₹902 crore, Thane tower gets occupancy certificate

What Raymond Realty announced

On 5 October 2026, Raymond Realty released its operational update for the second quarter of FY27. The company reported pre-sales of ₹902 crore, a 98% rise over the same quarter a year earlier. It said the growth came without any new project launches, and attributed it to sales from existing inventory, particularly the Address by GS portfolio in Thane.

The update also covered collections, borrowings, debt levels and two new projects in Mahim. Figures in this article are as reported by the company and carried by Business Standard, as of October 2026.

Occupancy certificate in Thane

The company said it received the occupancy certificate for Tower B of Address by GS Season 1 in Thane, along with a delivery milestone of 270 units in the same tower. It said the certificate was obtained 18 months ahead of the March 2028 deadline set under RERA. An occupancy certificate is the document a local authority issues confirming a building is fit for occupation; it is the step that allows handover of completed units to buyers.

The report does not give unit prices, configurations or handover dates for individual flats, and those details are not covered here.

Collections and borrowings

Collections rose 67% year on year to ₹682 crore. Total borrowings increased by ₹125 crore to ₹1,220 crore as of 30 September 2026. The company said the additional borrowing was deployed for construction on projects in FY26.

Net debt stood at ₹914 crore. The company said its net debt-to-equity ratio remained below the 1.0x ceiling approved by its board.

Two joint development projects in Mahim

For the second half of FY27, the company announced two joint development agreement (JDA) projects in Mahim, Mumbai, with a combined gross development value (GDV) of ₹4,100 crore:

• Mahim 1: GDV ₹1,800 crore; 0.41 million sq. ft. RERA carpet area.
• Mahim 2: GDV ₹2,300 crore; 0.39 million sq. ft. RERA carpet area.

GDV is the total expected sales value of a project. The announcement does not state launch dates, pricing or unit mix for either project.

Management comment

Managing director Harmohan Sahni said: 'We nearly doubled pre-sales this quarter without any new launches.' He also said: 'Looking ahead, our focus centres on scaling our operational footprint through a strong pipeline of scheduled launches in MMR.'

Market reaction

A Business Standard report on the update was headlined as a 6% rise in the company's share price on the business update. The article is cited below; the report does not change the figures above.

What this means for buyers, investors and the market

For buyers of the Address by GS project, the occupancy certificate is the step that allows completed units in Tower B to be handed over. Buyers should confirm the status of their own unit with the developer.

For investors, the update shows sales growth from existing stock and a debt position that the company says is within its own limit. The Mahim JDAs add a large pipeline in the Mumbai market, but no launch timeline has been published in the material cited here.

For the wider market, the update is one developer's self-reported figures for one quarter. It is not independent data on the Mumbai Metropolitan Region as a whole.

What happens next

The company said it expects a 'strong pipeline of scheduled launches in MMR' but did not name the projects or dates in the cited material. The status of the two Mahim JDAs will depend on the launch and approval steps that follow. Readers should watch for the company's next quarterly update and for RERA filings for the Mahim projects.