Ajmera Realty & Infra on September 29 introduced that it could be growing two residential initiatives – one every in Mumbai and Bengaluru – for an estimated cumulative gross improvement worth (GDV) of ₹470 crore.
In Mumbai, it has secured the mission below Slum Rehabilitation Act (SRA) for redeveloping an space spanning 6.8 acres within the metropolis’s Bhandup suburb. The mission has a “sale potential of 1 million sq. toes (carpet)”, the corporate stated in a launch.
To execute the mission, Anirdesh Builders, a subsidiary of Ajmera Realty, has signed an settlement with the landowners. “The preliminary part of this improvement is estimated to be of round 1.7 lakh sq ft (carpet) with GDV of ~ ₹320 crore,” the actual property main stated.
The Mumbai-based mission marks the start of “our reasonably priced portfolio”, focusing on the sub- ₹1 crore phase, scheduled for launch in December 2023, the corporate added.
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“The central suburbs of Mumbai have emerged as a chief attraction, significantly amongst first-time homebuyers. Because the demand for mid-segment housing is changing into the brand new mainstream throughout Mumbai MMR, we’re poised to serve the reasonably priced housing market. We anticipate robust gross sales velocity, leveraging our established presence within the central Mumbai belt, from Wadala to Ghatkopar to Vikhroli, and now increasing to Bhandup,” Dhaval Ajmera, Director, Ajmera Realty.
In Bengaluru, ARIIL SPV, one other subsidiary of Ajmera, has entered right into a Joint Improvement Settlement with the landowner, “for a 69 % stake”, to develop a residential mission near the Digital Metropolis Section 2, the discharge famous.
The mission boasts a complete improvement potential of round 2.43 lackh sq ft. The Ajmera subsidiary anticipates including about ₹150 crore to its topline, with a carpet gross sales space of about 1.62 lakh sq ft, it added.
“The rise within the Electronics metropolis’s residential demand is carefully tied to the strong resurgence of the IT sector, which has constantly pushed the necessity for housing within the space,” Dhaval Ajmera identified.
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Up to date: 29 Sep 2023, 07:19 PM IST
