Ajmera Realty & Infra on September 29 introduced that it will be growing two residential tasks – one every in Mumbai and Bengaluru – for an estimated cumulative gross growth worth (GDV) of ₹470 crore.
In Mumbai, it has secured the venture beneath Slum Rehabilitation Act (SRA) for redeveloping an space spanning 6.8 acres within the metropolis’s Bhandup suburb. The venture has a “sale potential of 1 million sq. toes (carpet)”, the corporate mentioned in a launch.
To execute the venture, Anirdesh Developers, a subsidiary of Ajmera Realty, has signed an settlement with the landowners. “The preliminary part of this growth is estimated to be of round 1.7 lakh sq ft (carpet) with GDV of ~ ₹320 crore,” the real estate major said.
The Mumbai-based project marks the beginning of “our affordable portfolio”, concentrating on the sub- ₹1 crore phase, scheduled for launch in December 2023, the corporate added.
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“The central suburbs of Mumbai have emerged as a prime attraction, particularly amongst first-time homebuyers. As the demand for mid-segment housing is becoming the new mainstream across Mumbai MMR, we are poised to serve the affordable housing market. We anticipate strong sales velocity, leveraging our established presence in the central Mumbai belt, from Wadala to Ghatkopar to Vikhroli, and now expanding to Bhandup,” Dhaval Ajmera, Director, Ajmera Realty.
In Bengaluru, ARIIL SPV, one other subsidiary of Ajmera, has entered right into a Joint Development Agreement with the landowner, “for a 69 % stake”, to develop a residential venture near the Electronic City Phase 2, the discharge famous.
The venture boasts a complete growth potential of round 2.43 lackh sq ft. The Ajmera subsidiary anticipates including about ₹150 crore to its topline, with a carpet gross sales space of about 1.62 lakh sq ft, it added.
“The improve within the Electronics metropolis’s residential demand is intently tied to the strong resurgence of the IT sector, which has persistently pushed the necessity for housing within the space,” Dhaval Ajmera pointed out.
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Updated: 29 Sep 2023, 07:19 PM IST
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