Ajmera Realty has secured a lucrative redevelopment project in Borivali's Yogi Nagar, Mumbai, comprising four societies. With an estimated sales value of Rs 330 crore, the project will feature 2 and 3 BHK residential apartments across a carpet area of 1,07,000 sq. ft. Expected to launch in H1 2024, it will take approximately three and a half years to complete. Yogi Nagar, in Borivali West, offers convenient access to numerous amenities, making it an attractive location. Ajmera Realty's focus on modern living in well-established neighbourhoods aligns with their commitment to enhancing the quality of urban life.
Ajmera Realty has successfully secured a redevelopment project for four societies in Borivali's Yogi Nagar, Mumbai. The project is estimated to generate sales of Rs 330 crore and will primarily consist of 2 and 3 BHK residential apartments, covering an estimated carpet area of 1,07,000 sq. ft. The project is scheduled for launch in the first half of 2024, with an estimated completion duration of three and a half years.
The Yogi Nagar redevelopment project is situated in Borivali West, a suburban micro-market known for its centralized location and proximity to various social, educational, healthcare, and commercial amenities. It offers access to amusement parks, recreational centres, prominent hospitals, educational institutions, and retail and commercial establishments. Ajmera Realty is determined to provide revolutionary homes and a modern lifestyle to meet the residents' needs while preserving the trusted vicinity.
Ajmera Realty continues to focus on strategically located projects that offer contemporary living while retaining the essence of trusted neighbourhoods. The Borivali West project aligns with their vision to cater to the evolving needs of urban dwellers and enhance their quality of life. With an extensive portfolio of residential and commercial projects, Ajmera Realty remains committed to delivering excellence and contributing to the sustainable growth of India's real estate sector.
Mumbai city is witnessing a flurry of redevelopment projects. In August, Chandak Group inked a deal to redevelop a housing society in Andheri with a saleable area of 2,81,000 square feet and a earning potential of Ra 956 crores. Kalpataru’s redevelopment project in Borivali will cover 7,00,000 square feet of space with a top line of Rs 1,300 crores.
Pune based developers Kolte-Patil inked multiple redevelopment deals this year. In May it signed on a redevelopment project of a housing society in Mulund West and another redevelopment project in Vashi, Navi Mumbai. In August it took on the redevelopment of two societies in Goregaon West.
Other notable mentions include Mahindra Lifespaces acquisition of a Rs 850 crore redevelopment project in Malad West and the redevelopment of two adjacent properties in Santacruz West of 1.27 acres with revenue potential of 500 crores. Royal Netra Constructions (RNCPL) a subsidiary of Man Infraconstruction (MICL) will redevelop a project in Western suburbs spread across 10 acres which has a potential of 4000 crores. Earlier in the year Prestige Estates also signed an agreement to redeveloped a society in Worli, Mumbai which has a revenue potential of nearly Rs 6,000 crores.
Several buildings have also teamed up with government bodies to undertake redevelopment projects. The state government recently awarded the mammoth redevelopment project of Dharavi slums spanning across 590 acres to Adani Group. Roha Realty joined hands with MHADA for the redevelopment of two large societies in Subhas Nagar, Chembur. Sheth Homes along with Bombay Slum Redevelopment Corporation will jointly redevelop 1 million sq-ft of salable area in Kandivali.
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