Ajmera Realty & Infra India Ltd, a leading real estate company with a pan India presence, announced its operational numbers for Q3FY24.
ARIIL demonstrates robust growth in Q3 FY24 with a significant 63% YoY increase in sales area, which totals 1,03,573 sq.ft, and an equivalent sales value of INR 253 crores. Despite limited inventory, ARIIL's overall project performance remains strong. The 98% YoY growth in sales value came on the back of sustained interest in our key projects, Ajmera Manhattan and Ajmera Eden in Mumbai, as well as our projects in Bengaluru.
Commenting on the Company’s operational performance for Q3FY24, Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd, said.
As we exit Q3 FY24, we are firmly on course to achieve our sales goal of Rs 1,000 crore for this fiscal. The real estate sector has recently witnessed a noteworthy upturn, with the index reaching a 15-year high. This momentum was fuelled by a record number of property registrations in Mumbai and the MMR region. This surge is propelled by substantial infrastructure development projects that are driving an upward trend in property prices.
We are experiencing an elevated demand for mid-segment and premium homes, a market segment that aligns with our specific offerings. Clearly reflecting strong buyer sentiment, these historical milestones are fuelling our enthusiasm towards ensuring growth and success. There are myriad positive factors spearheading the demand for residential housing, not just in Mumbai and MMR, but in Bengaluru as well.
Securing a redevelopment project in Versova with an expected sales value of INR 360 crores strengthens our portfolio and widens ARIIL's market appeal. Given the ongoing redevelopment and metro expansions, we anticipate growing demand. This move underscores our commitment to diversification and progress towards our 5x growth goal.”
