Ajmera Properties to invest Rs. 470 crore in two residential projects in Mumbai and Bangalore

Real estate developer Ajmera Realty & Infra India Ltd (ARIIL) has signed deals to develop two residential projects in Mumbai and Bengaluru with a gross development value (GDV) of Rs 470 crore, according to a regulatory filing. In Mumbai, Anirdesh Developers Pvt Ltd, an 85 percent subsidiary of ARIIL, has signed a development agreement with the landowner for an SRA redevelopment project situated on LBS Marg in Bhandup. Sprawling 6.8 acres, the project has a sales potential of about 1 million square feet (msf), which will be developed in a phased manner. The initial phase of this development is estimated to be 1.7 lakh square feet with a GDV of Rs 320 crores. The project has secured the necessary approvals and the first phase is now fully vacated, indicating its readiness for development, the company said. "This project marks the beginning of our affordable portfolio, targeting the below Rs 1 crore segment, scheduled for launch in December 2023", the company added.

In Bengaluru, ARIIL SPV, a 70 percent of ARIIL wholly owned subsidiary, has also entered into a joint development agreement for a 69 percent stake to develop a residential project in Bengaluru with the landowner. It has a topline of Rs 150 crore for a carpet area sale of about 1.62 lakh sq ft.

Located in southern Bengaluru's Electronic City Phase 2, the project has a development potential of about 2.43 lakh sq ft. The company said it is looking forward to launching another project by January 2024. "The two residential announcements accelerate our objective of achieving our 5X growth, as we further strengthen our portfolio and prominence in the central suburb of Mumbai and Bengaluru market", Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd said.

Ajmera said the company anticipates strong sales velocity while leveraging its presence in the central Mumbai belt, from Wadala to Ghatkopar to Vikhroli, and now expanding to Bhandup. "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", he added.