Mumbai is a city that never stops moving. Its skylines shift as quickly as its ambitions, and in the thick of that motion stands Dhaval Ajmera. A second-generation leader quietly reshaping the contours of urban redevelopment while staying rooted in the values that built the Ajmera legacy.
It’s a role he approaches with measured steadiness. No flamboyant promises, no overextended rhetoric, just a clear, consistent thesis: double down on the Mumbai Metropolitan Region (MMR), grow through partnerships and redevelopment, keep the balance sheet nimble, and let execution do the talking.
That philosophy is no longer just theory; it’s evident in Ajmera Realty & Infra India Limited’s expanding footprint across Wadala, Ghatkopar, and Pune, and in the quiet confidence of a company that has weathered multiple cycles and is now primed for its next phase of growth.
The Man at the Helm
As Dhaval Ajmera marks another year today, it is worth pausing to reflect on a journey that seamlessly blends legacy with innovation, building not just structures but a vision for tomorrow.
Born August 22, 1980, Dhaval Ajmera represents the second generation of leadership at Ajmera Realty, though his role often feels more like that of a builder of new paradigms than a mere inheritor of tradition. Armed with an MBA in Financial Management from Cardiff University, he joined the family enterprise in 2003 with a vision to infuse financial discipline and a global perspective into a brand deeply entrenched in Mumbai’s real estate ecosystem.
Today, as Director at Ajmera Group of Companies, Dhaval drives the group’s real estate, marketing, and strategic growth initiatives, balancing ambition with operational prudence. Under his stewardship, Ajmera Realty has transformed from a trusted legacy developer into a forward-looking, design-led, and financially disciplined enterprise with global ambitions.
Scaling Legacy, Consciously
Ajmera Realty is not simply building homes; it is building a future that aligns ambition with sustainability. Under Dhaval’s guidance, the company has embraced a 5x growth vision, underpinned by a strategy to unlock its 11 million sq. ft. land bank in prime Mumbai locations and to execute launches via asset-light models like joint ventures, redevelopment, and strategic partnerships.
The momentum speaks for itself, with sales soaring from Rs. 431 crores in FY22 to an impressive Rs. 1,017 crores in FY24. At the same time, the company’s ongoing and upcoming projects span 1.7 million square feet, carrying a remarkable gross development value (GDV) of over Rs. 4,200 crores which is a testament to Ajmera Realty’s disciplined strategy and accelerating growth trajectory.
And yet, this scaling comes with conscience. Every ongoing project is green-building certified, and Ajmera Realty stands as a founding member of the Indian Green Building Council (IGBC). For Dhaval, sustainability is not a buzzword but a mandate, where modern architecture harmonizes with environmental responsibility.
A Legacy, Reimagined
For Ajmera, Mumbai’s chaos has always been a canvas. From the audacious bet that turned Wadala into the iconic i-Land township to a Rs. 6,500-crores launch pipeline for FY26, his leadership has been an exercise in balancing patience with precision. “Legacy,” Dhaval often says, “is not a destination, it’s a responsibility to keep building.”
It is this perspective that has not only fortified the company’s roots in MMR but also expanded its reach beyond Indian shores. With a keen eye on international credibility, Dhaval has taken Ajmera Realty’s brand presence global, establishing visibility in markets like London and Bahrain which is proof that an Indian developer with discipline and vision can find a place on the global stage.
The Redevelopment Playbook
At the heart of Ajmera’s growth is a mantra as simple as it is effective: focus, recycle, and deliver.
FY25 closed with Rs. 1,080 crores in sales bookings, setting the stage for a bold FY26. With nine launches planned across MMR, Pune, and Bengaluru, collectively valued at nearly Rs. 6,500 crores in GDV, Ajmera Realty is doubling down on the markets it understands best, avoiding the temptation of overreach and instead deepening its urban imprint where it matters most.
Nowhere is this discipline clearer than in Wadala, where Ajmera i-Land has matured into a multi-tower township with offerings that range from premium to luxury - Aeon, Zeon, and Manhattan, a case study in patient value creation and design that evolves with the city’s changing tastes.
Capital Discipline in a Volatile Market
In an industry often driven by high leverage and short-term bets, Ajmera Realty stands out for its measured, opportunistic approach to capital. Debt levels are kept light, non-core parcels are monetized when advantageous, and joint ventures fuel growth without overextending resources.
The results underscore that strategy: in Q1 FY26, collections rose 42% year-on-year to Rs. 234 crores, net profit climbed 21.8%, and gross debt eased to Rs. 619 crores, bringing the debt-to-equity ratio to a healthy 0.50x.
As Dhaval puts it simply: “We want to stay nimble, because in this market, speed and discipline win.”
Beyond the Boardroom
Behind the financials is a man deeply committed to endurance and focus. A seasoned marathoner, Dhaval sees running long distances as a metaphor for the real estate business: there are no shortcuts, just persistence, pace, and a relentless focus on the finish line.
This discipline is mirrored in how he navigates Mumbai’s intricate approval ecosystems and multi-stakeholder negotiations, skills that have made Ajmera Realty a partner of choice for society redevelopments and complex brownfield projects.
The Road Ahead
FY26 promises to be a defining chapter. The pipeline is strong, approvals are progressing, and the execution machine is primed. But Ajmera remains cautious and clear-eyed. “Growth isn’t about how fast you can launch,” he says. “It’s about how consistently you can deliver.”
That quiet, disciplined approach may well prove to be Ajmera Realty’s greatest strength in an increasingly crowded and competitive redevelopment market.
If the past decade was about planting seeds, the years ahead will be about thoughtful, deliberate scaling, growth rooted not in geographic sprawl but in the granular craft of stakeholder alignment, timely approvals, and impeccable delivery.
In a city forever in flux, Dhaval Ajmera’s story is not one of chasing motion but of creating a rhythm that endures. And in that rhythm, Mumbai just might find its most patient, deliberate, and quietly revolutionary builder.
