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Ajmera Realty & Infra India Limited (Ajmera Realty) (BSE: 513349, NSE: AJMERA) announced its appointment to redevelop the premises of Ascot Co-operative Housing Society Limited. The project, covering a total land area of 2,319 sq. mt., will be developed in a single phase in Shastri Nagar, a prime location in Mumbai's Andheri West. Shastri Nagar shares a deep-rooted connection with the Ajmera Group, as it was originally developed by the company, reinforcing strong brand recall in the area.
The project is expected to generate an estimated sales revenue of Rs 320 crores, with a total estimated carpet area of about 71,300 sq. ft. This development aligns with Ajmera Realty's strategy to diversify its portfolio by expanding its inorganic growth through asset-light acquisitions, including an increasing focus on redevelopment projects. It will further strengthen the company's presence in Mumbai's growing micro markets. With these project additions, the company has added four new projects with a total GDV of about Rs 2,770 crores, marching towards its fiscal guidance.
This project is part of Ajmera Group's legacy development, with seamless access to various social, educational, healthcare, and commercial amenities. The location offers a well-rounded urban lifestyle, access to recreation centres, renowned medical facilities, and top-tier educational institutions. It is also well-connected to high-activity retail and business hubs, supported by excellent metro connectivity. Its central positioning further reinforces its status as a prime residential neighbourhood within this thriving suburban micro-market.
Dhaval Ajmera, Director at ARIIL, said, "We are pleased to undertake the redevelopment of Ascot Co-operative Housing Society in Shastri Nagar, Andheri West, an area that holds a significant place in Ajmera Group's legacy township development. This project reinforces our commitment to revitalising high-potential micro-markets through strategic redevelopment, JV/JDA models and asset-light acquisitions. As the demand for modern urban living continues to rise, we aim to enhance existing residential assets, offering a combination of upgraded lifestyle, contemporary design and long-term value appreciation. With a strong foundation in quality-focused, sustainable developments, Ajmera Realty remains committed to delivering well-planned urban spaces that meet evolving residential needs."
