Raymond Realty Ltd has partnered with a landowner to develop a luxury housing project in Mumbai with an estimated revenue potential of Rs 8,500 crore.

In a regulatory filing on Wednesday, the company said it has signed a joint development agreement (JDA) to develop a residential project in a prime location of Parel, Mumbai, PTI reported.

The project has an estimated revenue potential of about Rs 8,500 crore, it added.

Raymond Realty did not name the landowner with whom it has entered into the agreement.

This is the company’s 8th joint development project in Mumbai city.

“Parel has always been at the heart of Mumbai’s evolution and we are proud to add another landmark to Raymond Realty’s growing portfolio through this strategic joint development,” Gautam Hari Singhania, Chairman, Raymond Group, said.

He said the company’s expansion continues to be guided by an asset-light, partnership-led approach that enables it to unlock value in some of Mumbai’s most sought-after locations.

Raymond Realty, part of Raymond Group, is one of the leading real estate developers in the country.