Ajmera Realty & Infra India Ltd (ARIIL), strengthens its real estate portfolio with the addition of two residential projects, one each in Mumbai and Bengaluru. The cumulative Gross Development Value (GDV) of these two residential projects is estimated to be INR 470 crores.
In Mumbai, Anirdesh Developers Pvt. Ltd. (85% subsidiary of ARIIL), has signed a Development Agreement with the landowner for an SRA redevelopment project situated on LBS Marg in Bhandup, Mumbai. Spanning across 6.8 acres of land, the project has sales potential of 1 mn sq.ft., which will be developed in a phased manner.
The initial phase of this development is estimated to be of 1.7 lacs sq. ft.(carpet) with GDV of INR 320 crores. The project has secured the necessary approvals and the first phase is now fully vacated indicating its readiness for development. This project marks the beginning of our affordable portfolio, targeting the sub-1 crore segment, scheduled for launch in December 2023.
In Bengaluru, ARIIL SPV (70% of ARIIL wholly owned subsidiary) has also entered into a Joint Development Agreement for 69% stake, to develop a residential project in Bengaluru with the landowner. Located strategically in electronic city phase 2, the project boasts a total development potential of 2.43 lacs sq.ft. The SPV anticipates adding INR 150 crores to its topline, with a carpet sales area of about 1.62 lacs sq.ft. Situated within 5 km from Electronic City, the project commands a strategic location advantage along with robust metro connectivity. With a track record of delivering over 2,000 units in the city, we are poised to launch another project by January 2024.
Commenting on this, Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd said “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 in Bengaluru market.”
“The central Suburbs of Mumbai have emerged as a prime attraction, particularly amongst first-time homebuyers. As the demand for mid-segment housing is becoming the new mainstream across Mumbai MMR, we are poised to serve the affordable housing market. We anticipate strong sales velocity, leveraging our established presence in the central Mumbai belt, from Wadala to Ghatkopar to Vikhroli, and now expanding to Bhandup.”
He further stated that “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. We aim to reinforce our legacy in this city by leveraging this growth opportunity with our new project in a prime location.”
These projects will be constructed to meet the evolving needs of homebuyers and create a new landmark in the vicinities, thus improving the quality of life and living spaces for both new and existing homebuyers. Overall, the recent developments undertaken by the company align with its commitment to establishing its presence in the newer micro markets, marking a major step towards shaping the growth of the company.
