Ajmera Realty Expands with Strategic Residential Projects in Bhandup, Mumbai and Electronic City, Bengaluru

Mumbai & Bengaluru

Ajmera Realty & Infra India Ltd (ARIIL), a prominent real estate developer listed on the stock exchange, is poised to enhance its footprint with the initiation of two pivotal residential projects in Mumbai and Bengaluru, boasting a combined Gross Development Value (GDV) of Rs 470 crore, as disclosed in a regulatory filing on September 29.

Strategic Locations and Affordable Portfolio:

The Mumbai project, situated in Bhandup, is strategically located on LBS Marg and is a significant venture by Anirdesh Developers Pvt Ltd, an 85% subsidiary of ARIIL. This project is noteworthy as it marks the inception of Ajmera Realty's affordable housing portfolio, specifically catering to the segment below Rs 1 crore. The Bengaluru project is advantageously positioned near the IT hub of Electronic City Phase 2, aligning with the city’s technological pulse.

Mumbai Project Insights:

Spanning 6.8 acres, the Mumbai project has a sales potential of approximately 1 million square feet (msf) and will undergo phased development. The initial phase is projected to encompass 1.7 lakh square feet with a GDV of Rs 320 crores. With necessary approvals secured and the first phase fully vacated, the project is primed for development and is slated for launch in December 2023.

Bengaluru Project Overview:

In Bengaluru, a wholly-owned subsidiary of ARIIL has entered a joint development agreement to acquire a 69% stake to develop a residential project with a topline of Rs 150 crore, offering a carpet area sale of about 1.62 lakh sq ft.

Inference and Prospects:

Ajmera Realty’s strategic expansion into Mumbai and Bengaluru’s residential sectors signifies a calculated move to tap into the burgeoning demand in these metropolitan hubs. The focus on affordable housing in Mumbai is particularly noteworthy, addressing a critical market need and potentially driving a new revenue stream for the company.

Mumbai, with its high population density and escalating real estate prices, presents a lucrative market for affordable housing, and Ajmera’s venture in Bhandup could set a precedent for future developments in this segment.

Bengaluru, being a technological nucleus, continually attracts a diverse populace, and the project near Electronic City is likely to appeal to IT professionals seeking proximity to their workplaces, thereby ensuring sustained demand.

These projects, with their strategic locations and targeted segments, are poised to fortify Ajmera Realty’s market presence and contribute significantly to its growth trajectory, while also addressing the housing needs of diverse demographic segments in these cities.