Raymond Realty has informed stock exchanges that its material subsidiary Ten X Realty Limited has received a show cause notice from the Income Tax Department regarding an escaped assessment matter. The notice, dated March 11, 2026, pertains to income chargeable to tax that allegedly escaped assessment for the financial year 2022-23.

Show Cause Notice Details

The Income Tax Department's Assistant Commissioner of Income Tax Central Circle 8(1), Mumbai issued the show cause notice under sub-section (1) of section 148A of the Income Tax Act, 1961. The notice follows a survey action that was conducted on September 25, 2025 under section 133A of the Income Tax Act, 1961, during which the department identified certain allegations.

Financial Impact Assessment

Raymond Realty has stated that there will be no material impact on the company's financials, operations or other activities due to this show cause notice. The company clarified that in the event any penalty is adjudicated and becomes payable, the same shall be payable by Ten X Realty Limited. The financials of Ten X Realty are consolidated with Raymond Realty's financials.

Company Response

Ten X Realty Limited is currently taking remedial and appropriate steps in the matter as advised and is preparing its reply to the show cause notice. No penalty, restriction or sanction has been imposed as of now pursuant to the communication from the Income Tax Department.

Regulatory Compliance

The intimation was made pursuant to Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. Raymond Realty has also made this information available on its website at www.raymondrealty.in in compliance with Regulation 30 and 46 of the SEBI Listing Regulations.

The company's disclosure follows the format prescribed under SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, providing comprehensive details about the regulatory communication received by its material subsidiary.

Raymond Realty has announced the launch of Ten X District 9, a comprehensive 9-acre residential development in Thane positioned as "Thane's Next-Gen Oasis." The project carries an estimated revenue potential of ₹2,000 crores, representing a significant investment in the Mumbai Metropolitan Region's real estate sector.

Project Specifications and Features

Ten X District 9 is designed as a next-generation residential ecosystem featuring over 5 acres of landscaped open spaces and 75+ lifestyle amenities. The development offers grand 2-bedroom residences ranging from 600-820 sq. ft., meticulously engineered for spatial efficiency and natural light.

Amenities and Infrastructure

The project features two expansive clubhouses of approximately 15,000 sq. ft. each, designed as social and wellness hubs. These facilities include premium gymnasium, spa, mini theatre, banquet spaces, and sports facilities such as squash and badminton courts.

A key highlight is 'Park Street', a 45,000 sq. ft. high-street retail boulevard that brings premium dining and essential retail directly to residents' doorsteps, creating a self-contained community environment.

Strategic Connectivity

Ten X District 9 offers exceptional connectivity advantages, positioned just 0.5 km from the Eastern Express Highway and 3 km from Thane Railway Station. The project provides future-ready access through proximity to upcoming Metro Lines 4, 4A, and 5, the planned Thane-Borivali twin-tube tunnel, and the Samruddhi Mahamarg.

Management Commentary

Harmohan Sahni, CEO of Raymond Realty, stated: "The Ten X District 9 reflects our vision of building integrated ecosystems that anticipate the needs of tomorrow's homeowners. Thane is no longer just a suburb; it is a premier residential destination driven by massive infrastructure tailwinds."

Sustainability and Approvals

The development aligns with Indian Green Building Council (IGBC) sustainability standards, reinforcing Raymond Realty's commitment to environmentally conscious development. The project has received RERA approval and marks another milestone in the company's growing portfolio across the Mumbai Metropolitan Region.