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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 EZdoXqr/PrBNI0EcPn0b/oYCwCF5vhV12DlZe3gNvBDbd+p4UdCSBbe128yYWyAE
 4ki5FW07bo3Pl4kpeZLdSg==

<SEC-DOCUMENT>0001213950-04-000038.txt : 20040227
<SEC-HEADER>0001213950-04-000038.hdr.sgml : 20040227
<ACCEPTANCE-DATETIME>20040227142536
ACCESSION NUMBER:		0001213950-04-000038
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040225
FILED AS OF DATE:		20040227

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RYLAND GROUP INC
		CENTRAL INDEX KEY:			0000085974
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				520849948
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		24025 PARK SORRENTO
		STREET 2:		SUITE 400
		CITY:			CALABASAS
		STATE:			CA
		ZIP:			91302
		BUSINESS PHONE:		8182237500

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RYAN JAMES P CO
		DATE OF NAME CHANGE:	19720414

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ELDER ERIC E
		CENTRAL INDEX KEY:			0001214405

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08029
		FILM NUMBER:		04634412

	BUSINESS ADDRESS:	
		STREET 1:		636 THAYER AVENUE
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90024
		BUSINESS PHONE:		8182237500

	MAIL ADDRESS:	
		STREET 1:		636 THAYER AVENUE
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90024
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c0001214405d20040227f4f.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-02-25</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000085974</issuerCik>
        <issuerName>RYLAND GROUP INC</issuerName>
        <issuerTradingSymbol>RYL</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001214405</rptOwnerCik>
            <rptOwnerName>ELDER ERIC E</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>636 THAYER AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LOS ANGELES</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>90024</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Senior Vice President</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Options (Right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>80</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-02-25</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>15000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2005-02-25</value>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2014-02-25</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>15000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>15000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The Stock Option vests in three equal installments on February 25, 2005, 2006 and 2007.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Sheri L. Markham, Attorney-In-Fact for</signatureName>
        <signatureDate>2004-02-27</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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