The demerger process of Raymond's real estate and lifestyle businesses is ongoing, with SEBI approval already in place. The company aims for Thane to contribute 50-60% of the revenue mix in the next few years. The potential growth of Thane is estimated at Rs 25,000 crore, with Rs 5,000 crore already signed. The urban market, especially Tier I, II, and III cities, has shown strong growth in premium products. However, Tier V and VI cities have experienced some softness due to cautious consumer spending.