Ajmera Realty acquires Rs. 500 Crore for High-end Housing project in Mumbai

One of the leading Real estate companies in India, Ajmera Realty & Infra India Ltd has productively secured Rs. 500 crore from two prominent banks to execute Residential project in Mumbai which are Standard Chartered Bank & ICICI Bank.

The real estate firm said in a stock exchange filing that the acquired funds will be utilized for the execution & development of a high-ended residential project called, Ajmera Manhattan situated in Wadala, Mumbai.

In addition to this, Rs. 200 crore of the funds have been allotted for refunding the GDP loan obtained from HDFC Bank.

The firm told that the residential project, Ajmera Manhattan has witnessed a strong registering activity, more than 60 percent of its catalog was sold and project is endeavoring to obtain green building certification.

The most significant factors fueling the demand for this housing project include that latest launch of Shri Atal Bihari Vajpayee Trans Harbour Link which is popularly known as "Mumbai Trans-Harbour Link" or “Atal Setu” that connects Mumbai with Navi Mumbai seamlessly.

Speaking to this acquisition of Funding, Dhaval Ajmera, Director, Ajmera Realty & Infra India says, "Ajmera Manhattan’s exceptional performance has enabled us to secure this deal at more favorable commercial terms. The successful execution of this deal highlights our company's financial reliability and creditworthiness, reinforcing our commitment to achieving our 5x growth vision”.