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Ajmera Realty rallies after arm secures residential projects worth Rs 470 cr

29-Sep-23   16:04 Hrs IST
The said redevelopment project spanning across 6.8 acres of land, the project has sales potential of approximately 1 million square feet (sq.ft.), which will be developed in a phased manner. The initial phase of development is estimated to be of around 1.7 lakh sq.ft. (carpet) with gross development value (GDV) of approximately Rs 320 crore. The project is scheduled to launch in December 2023.

ARIIL special purpose vehicle (SPV) (70% of ARIIL wholly owned subsidiary) has also entered into a joint development agreement for 69% stake, to develop a residential project in Electronic city phase 2, Bengaluru. The project boasts a total development potential of around 2.43 lakh sq.ft. The SPV anticipates adding approximately Rs 150 crore to its topline, with a carpet sales area of about 1.62 lakh sq.ft.

The cumulative GDV of the said two residential projects is estimated to be Rs 470 crore.

Dhaval Ajmera, director, Ajmera Realty & Infra India, said, ?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.?

He further stated, ?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. We aim to reinforce our legacy in this city by leveraging this growth opportunity with our new project in a prime location.?

Ajmera Realty & Infra India has a PAN India presence along with an international presence. The company is focused on premium developments in luxury and mid-luxury projects in the residential segment. The company has a huge development potential available on its balance land parcel at Ajmera I-Land, Bhakti Park, Wadala and Central Mumbai.

The company's net profit rose 82% to Rs 21.07 crore in Q1 FY24 as compared with Rs 11.57 crore in Q1 FY23. Revenue from operations jumped 121.9% to Rs 116.05 crore in Q1 FY24 as compared with 52.31 crore in Q1 FY23.

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