Ajmera Realty plans to renovate Versova Housing Society and targets sales of 360 crore

Ajmera Realty & Infra India Limited (ARIIL), a listed real estate developer, announced that it would redevelop the Balkrishan Co-operative Housing Society in Versova, a suburb of Mumbai. The business expects to make Rs 360 crore from the sale of 90,700 square feet of carpet. The building is a 2-minute walk from Versova Metro Station, and the redevelopment is anticipated to bring in sales of Rs 360 crore, according to a regulatory filing by the company. The project will include 3 BHK apartments, each with a carpet area of approximately 90,700 square feet.

"The project's advantageous location ensures access to a range of amenities, from quality healthcare and educational institutions to thriving commercial centres and recreational options", the company said.

Dhaval Ajmera, Director, ARIIL, said, "Redevelopment and repurposing old housing societies into modernized residential asset classes has gained significant prominence in the Mumbai Metropolitan Region (MMR), thus opening doors to newer opportunities backed by redefined interest from homebuyers. Versova, as a location, has gained momentous demand in the last decade. Given the upcoming infrastructure projects, this sentiment will only strengthen further". In September, the company announced it was securing a redevelopment contract for four societies at Yogi Nagar in Borivali, Mumbai. The company was targeting sales of Rs 330 crore in that redevelopment, as per a regulatory filing. The original development of Yogi Nagar is part of a legacy township project development. Now, four societies from the township are set to undergo redevelopment. The filing said that this project is estimated to generate sales of Rs 330 crore and will primarily consist of residential apartments of 2 and 3 BHK flats, with an estimated carpet area of 1,07,000 sq ft.