Key Takeaways
- • ICICI Prudential Real Estate Development Fund, a Category II alternative investment fund managed by ICICI Prudential Asset Management Company, has agreed to invest ₹210 crore in Ten X Realty West, a wholly owned subsidiary of Raymond Realty, according to a regulatory filing.
- • The capital will fund the redevelopment of one Raymond Realty project in the Mumbai Metropolitan Region (MMR).
- • Raymond Realty's total MMR portfolio carries an estimated gross development value (GDV) of approximately ₹52,000 crore.
- • The joint development agreement (JDA) portfolio comprises eight projects with combined revenue potential of around ₹27,000 crore, about 52% of overall GDV, per the company.
- • CEO Harmohan Sahni said the investment supports the company's asset-light expansion strategy in MMR and will help accelerate redevelopment projects.
Summary
ICICI Prudential Real Estate Development Fund, a Category II alternative investment fund (AIF) managed by ICICI Prudential Asset Management Company, has agreed to invest ₹210 crore in Ten X Realty West, a material wholly owned subsidiary of Raymond Realty, according to a regulatory filing reported by ET Realty on October 27, 2026.
The funds will be used to facilitate the redevelopment of one of Raymond Realty's projects in the Mumbai Metropolitan Region. The transaction is structured as part of the developer's asset-light expansion strategy in the region, according to Harmohan Sahni, managing director and CEO of Raymond Realty, who said the investment would help accelerate redevelopment projects in MMR.
Raymond Realty currently holds a total portfolio with an estimated gross development value of approximately ₹52,000 crore across the MMR. Within that portfolio, its joint development agreement portfolio comprises eight projects with combined revenue potential of around ₹27,000 crore, representing roughly 52% of the company's overall GDV, according to the company.
The investment reflects continued institutional capital flowing into Mumbai residential redevelopment through structured AIF vehicles, with the developer relying on joint development arrangements to scale its pipeline. The original report did not disclose the valuation, equity stake, or expected return terms of the investment.
The funds will be used to facilitate the redevelopment of one of Raymond Realty's projects in the Mumbai Metropolitan Region. The transaction is structured as part of the developer's asset-light expansion strategy in the region, according to Harmohan Sahni, managing director and CEO of Raymond Realty, who said the investment would help accelerate redevelopment projects in MMR.
Raymond Realty currently holds a total portfolio with an estimated gross development value of approximately ₹52,000 crore across the MMR. Within that portfolio, its joint development agreement portfolio comprises eight projects with combined revenue potential of around ₹27,000 crore, representing roughly 52% of the company's overall GDV, according to the company.
The investment reflects continued institutional capital flowing into Mumbai residential redevelopment through structured AIF vehicles, with the developer relying on joint development arrangements to scale its pipeline. The original report did not disclose the valuation, equity stake, or expected return terms of the investment.
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