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K Raheja Corp Bets Big on Residential Properties
K Raheja Corp, a prominent Mumbai-based real estate developer, is prioritizing the aggressive growth of its residential property business, with 30-40 projects underway in Mumbai and Pune across premium, luxury, and ultra-luxury segments.
After listing subsidiary companies such as Shoppers Stop, Chalet Hotels and Mindspace REIT, Mumbai based real estate developer K Raheja Corp is in no hurry to list the realty business but it can happen if the time is right. The focus right now is grow the residential property business actively, according to Vinod Rohira, managing director and CEO at K Raheja Corp.
The developer has between 30-40 residential projects which are in various stages of development in Mumbai and pune, said Rohira. “We are signing more projects over and above this,” he said. The residential projects will range from premium, luxury and ultra luxury segments, Rohira said.
In comparison, country’s largest developer DLF is planning to launch residential projects with an estimated sales potential of Rs 73,900 crore in the medium term, with with a total area of 29 million square feet, the company said in March this year.
“We want to be aspirational premium in every segment that we are in, that is top end of every segment. Whether it’s a Rs 20,000 a square foot, or Rs 1 lakh or 2 lakh a square foot segment, we want to be at the top of it,” Rohira said .
The residential business of the company is already among top five developers in Mumbai in terms of sales. According to CRE Matrix, a data analytics firm, Macrotech Developers’ (Lodha) residential sales were Rs 23,993 crore between FY21-25 while Oberoi Realty figure was Rs 22,011 crore. In comparison, K Raheja Corp sold property worth Rs 9,636 crore during the period.
When asked about the listing of residential business, Rohira said they will think about it at the right time.
K Raheja Corp has delivered 6.2 million sq ft of luxury and commercial projects within a radius of 2 kilometre area of upmarket Worli and Mahalaxmi area, including Vivarea , Artesia, Altimus and so on, Rohira said. The developer is also building a big residential project in Juinagar in Navi Mumbai.
It has also over 20 million sq ft of office space under various stages of construction. Cumulatively, including Mindspace REIT, the company has leased around 7 million sq ft in FY25, he added.
Despite slower outlook by rating firms for residential sales in FY26, Rohira is confident that their sales will do well. On differentiation with other top listed developers, he said: “Some compromise on quality, approvals, delivery, titles. But we will not compromise on anything.”
All our businesses (Shoppers Stop, Chalet Hotels) were built privately together, and they got separated eventually when they started to get listed, Rohira said. “We were in the same boardroom making decisions about where to build a hotel, a mall, a residential project, or a commercial one,” he said.
K Raheja Corp was founded by billionaire Chandru L Raheja in 1956. His sons Neel and Ravi hold key positions in the group.
Source: Financial Express