Ajmera Realty to develop two residential projects in Mumbai, Bengaluru for ₹470 crore

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₹470 crore. In Mumbai, it has secured the project under Slum Rehabilitation Act (SRA) for redeveloping an area spanning 6.8 acres in the city's Bhandup suburb. The project has a “sale potential of 1 million square feet (carpet)", the company said in a release.

To execute the project, Anirdesh Developers, a subsidiary of Ajmera Realty, has signed an agreement with the landowners. “The initial phase of this development is estimated to be of around 1.7 lakh sq ft (carpet) with GDV of ~ ₹320 crore," the real estate major said. The Mumbai-based project marks the beginning of “our affordable portfolio", targeting the sub- ₹1 crore segment, scheduled for launch in December 2023, the company added.

Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here! “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," Dhaval Ajmera, Director, Ajmera Realty. In Bengaluru, ARIIL SPV, another subsidiary of Ajmera, has entered into a Joint Development Agreement with the landowner, “for a 69 percent stake", to develop a residential project close to the Electronic City Phase 2, the release noted. The project boasts a total development potential of around 2.43 lackh sq ft.