Realty firm Raymond Ltd has signed a joint development agreement to develop a housing project in Mumbai with an estimated revenue potential of Rs 5,000 crore.

In a regulatory filing on Tuesday, the company informed that its wholly-owned step-down subsidiary, Ten X Realty East Ltd, has signed a Joint Development Agreement (JDA) for a residential project in Wadala, Mumbai.

"This landmark project is estimated to have a gross development value of approximately Rs 5,000 crore...," the company said.

Raymond did not mention the name of the landowner with whom it has signed the JDA.

Besides outright acquisition of land parcels, real estate developers are partnering with landowners to build projects as they want to operate under asset asset-light business model.

Raymond Ltd said this project would contribute substantially to the company's future growth and solidify its presence as a key player in the Mumbai Metropolitan Region (MMR).

"With this addition, the Gross Development Value of real estate projects of the company will be close to Rs 40,000 crore," Raymond said.

Mumbai-based Raymond is one of the leading real estate developers in the country.