Funding and JVs
Raymond Realty's Ten X Realty West to Receive Rs 210 Crore from ICICI Prudential Real Estate Fund
Raymond Realty said on 26 October 2026 that its wholly owned subsidiary, Ten X Realty West Limited, will receive Rs 210 crore from ICICI Prudential Real Estate Development Fund to redevelop one project in the Mumbai Metropolitan Region (MMR). The fund is investing as a financial investor alongside the company.
| Date of disclosure | 26 October 2026, through an exchange filing |
|---|---|
| Borrowing or investing entity | Ten X Realty West Limited, a wholly owned subsidiary of Raymond Realty |
| Investor | ICICI Prudential Real Estate Development Fund, a Category II alternative investment fund managed by ICICI Prudential AMC |
| Amount | Rs 210 crore |
| Purpose | Redevelopment of one project in the Mumbai Metropolitan Region |
| Company portfolio size | Estimated gross development value of around Rs 52,000 crore, according to the company |
| Share price reference | Rs 571.40 on 26 October 2026 (last traded price) |
| Credit rating of Ten X Realty West | CARE A- (Stable), reaffirmed; evaluated as of 31 July 2026 |
What was announced
On 26 October 2026, Raymond Realty disclosed in an exchange filing that Ten X Realty West Limited has agreed to secure Rs 210 crore from ICICI Prudential Real Estate Development Fund. The fund is a Category II alternative investment fund managed by ICICI Prudential AMC. According to the filing, the fund will invest jointly with Raymond Realty in Ten X Realty West, and its role is that of a financial investor.
The money is for the redevelopment of one project in the Mumbai Metropolitan Region. The announcement describes the project only at that level, so its name, locality, unit count and timelines are not part of the public record in this filing.
Who is involved
Raymond Realty Limited, formerly Raymond Lifestyle Limited, entered the real estate sector in 2019 and has built a presence across the Mumbai Metropolitan Region. Harmohan Sahni is its Managing Director and CEO.
Ten X Realty West Limited is an unlisted public company incorporated on 3 January 2024 and registered with the Registrar of Companies in Mumbai. Its registered office is in Thane. It will carry out the redevelopment project.
ICICI Prudential Real Estate Development Fund is the financial investor in the structure.
What the company said
Sahni said the proposed investment marks a defining milestone in the company's growth across the Mumbai Metropolitan Region. He said the partnership would help the company scale rapidly, improve capital efficiency and accelerate project delivery. Management said the partnership is designed to optimise capital efficiency and speed up delivery.
The company describes the structure as part of its asset-light expansion strategy. Under this approach, the subsidiary carries out the project while outside capital supports it, rather than the parent company funding each project alone.
Context from the company's recent results
The funding follows the company's Q2 FY27 operational update, reported in early October 2026. In that update:
- Pre-sales rose 98% year on year to Rs 902 crore, from Rs 455 crore in Q2 FY26.
- Collections rose 67% year on year to Rs 682 crore.
- Pre-sales for the first half of FY27 rose 111% to Rs 1,602 crore.
- At the end of Q2 FY27, liquidity stood at Rs 306 crore and net debt at Rs 914 crore. The net debt-to-equity ratio was below the company's self-imposed, board-approved ceiling of 1.0 times.
The company said it intends to grow based on collections and keep leverage within its ceiling.
Land bank and joint development agreements
The company reports about 100 acres of owned land and eight Joint Development Agreements (JDAs). A Business Today report on an Anand Rathi note dated 8 October 2026 cites about Rs 27,000 crore. Another market note puts the JDA platform above Rs 14,000 crore. The figures are estimates from outside sources, not company guidance.
In a February 2025 filing, the company said its wholly owned step-down subsidiary, Ten X Realty West, had signed a joint development agreement for a residential project in Mahim West, Mumbai, with revenue potential of about Rs 1,800 crore. The 2025 filing does not link that project to the Rs 210 crore funding announced on 26 October 2026.
Credit ratings
CARE Ratings reaffirmed Raymond Realty at 'CARE A+' with a Stable outlook. Ten X Realty West was reaffirmed at 'CARE A-' with a Stable outlook. Both reaffirmations were evaluated as of 31 July 2026.
What it means for buyers, investors and the market
For home buyers: The announcement does not set out any effect on prices, possession dates or the buyers of a specific project. The funding is aimed at the company's expansion across premium micro-markets in Mumbai and at accelerating delivery of high-value projects.
For investors: One market analysis said the funding helps the developer keep project momentum despite high interest rates and pressure on margins. It also described a Category II AIF as a sign of institutional interest in established developers able to manage redevelopment work. The same analysis said the key thing to watch is execution progress at the sites managed by Ten X Realty West, along with adherence to construction timelines and control of cost inflation.
For the market: The deal adds to the trend of developers using outside capital to fund projects through joint structures. Its scale is small relative to the company's stated portfolio, and the financing terms, including interest rate, tenure and equity split, were not disclosed in the announcement.
What comes next
The company has said it plans two JDA launches in Mahim in the second half of FY27, representing a combined gross development value of over Rs 4,100 crore. It has also said it will look at price increases of 6 to 8% for its upcoming inventory, and that it will launch a project in Thane.
The announcement gives no dates for the start, completion or possession of the redevelopment funded by the Rs 210 crore. Progress on that project will be visible through the company's future operational updates and filings.
Frequently asked questions
How much is the funding and who is providing it?
Ten X Realty West Limited, a wholly owned subsidiary of Raymond Realty, is to receive Rs 210 crore from ICICI Prudential Real Estate Development Fund, a Category II alternative investment fund managed by ICICI Prudential AMC. The fund is investing as a financial investor alongside Raymond Realty.
Which project is the money for?
The funding is for the redevelopment of one project in the Mumbai Metropolitan Region. The announcement does not give the project's name, locality or unit count.
What does the deal mean for people buying a Raymond home?
The announcement does not state any effect on prices, possession dates or buyers of a specific project. Buyers can follow the company's operational updates and project filings for delivery progress.
What is the asset-light model the company mentions?
The company says the investment is part of its asset-light expansion strategy, in which the subsidiary carries out the redevelopment with outside capital supporting it, rather than the parent funding each project alone. Management says the approach is meant to improve capital efficiency and speed up delivery.
Has the company's financial position been reported recently?
In its Q2 FY27 update, reported in early October 2026, the company reported pre-sales of Rs 902 crore, up 98% year on year, and net debt of Rs 914 crore at the end of Q2 FY27, with net debt-to-equity below its board-approved ceiling of 1.0 times.