Ajmera Realty & Infra on September 29 announced that it would be developing two residential projects – one each in Mumbai and Bengaluru – for an estimated cumulative gross development value (GDV) of ₹470 crore.
In Mumbai, it has secured the project under Slum Rehabilitation Act (SRA) for redeveloping an area spanning 6.8 acres in the city’s Bhandup suburb. The project has a “sale potential of 1 million square feet (carpet)”, the company said in a release.
To execute the project, Anirdesh Developers, a subsidiary of Ajmera Realty, has signed an agreement with the landowners. “The initial phase of this development is estimated to be of around 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”, targeting the sub- ₹1 crore segment, scheduled for launch in December 2023, the company 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, another subsidiary of Ajmera, has entered into a Joint Development Agreement with the landowner, “for a 69 percent stake”, to develop a residential project close to the Electronic City Phase 2, the release noted.
The project boasts a total development potential of around 2.43 lackh sq ft. The Ajmera subsidiary anticipates adding about ₹150 crore to its topline, with a carpet sales area of about 1.62 lakh sq ft, it added.
“The increase in the Electronics city’s residential demand is closely tied to the robust resurgence of the IT sector, which has consistently driven the need for housing in the area,” Dhaval Ajmera pointed out.
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Updated: 29 Sep 2023, 07:19 PM IST
