Ajmera Realty & Infra India Ltd (ARIIL) has bolstered its real estate portfolio by securing two residential projects in Mumbai and Bengaluru. The combined Gross Development Value (GDV) for these projects is estimated at INR 470 crores. In Mumbai, the project on LBS Marg in Bhandup spans 6.8 acres, targeting the sub-1 crore segment, while in Bengaluru's Electronic City Phase 2, the project aims to contribute INR 150 crores to the top line. These developments align with ARIIL's growth strategy, reinforcing its presence in key markets and catering to the evolving needs of homebuyers.
Ajmera Realty & Infra India Ltd (ARIIL) has solidified its real estate footprint with the acquisition of two residential projects, strategically located in Mumbai and Bengaluru. The combined Gross Development Value (GDV) for these projects is estimated at INR 470 crores.
In Mumbai, ARIIL's subsidiary, Anirdesh Developers Pvt. Ltd. (85% ownership), has inked a Development Agreement for an SRA redevelopment project situated on LBS Marg in Bhandup. Encompassing 6.8 acres, this phased development with a sales potential of 1 million sq.ft. is set to target the sub-1 crore segment. The initial phase, spanning 1.7 lakh sq. ft. (carpet) with a GDV of INR 320 crores, is scheduled for launch in December 2023. With necessary approvals secured and the first phase vacated, the project signals readiness for development.
In Bengaluru, ARIIL's Special Purpose Vehicle (SPV), a 70% wholly-owned subsidiary, has entered into a Joint Development Agreement for a 69% stake in a residential project located strategically in Electronic City Phase 2. This project, with a total development potential of 2.43 lakh sq.ft., is anticipated to contribute INR 150 crores to the top line. Positioned within 5 km from Electronic City, the project benefits from robust metro connectivity. Leveraging a successful track record of delivering over 2,000 units in the city, ARIIL is poised to launch this Bengaluru project by January 2024.
Dhaval Ajmera, Director at Ajmera Realty & Infra India Ltd, commented on the strategic significance of these residential projects, stating, "The two residential announcements accelerate our objective of achieving our 5X growth as we strengthen our portfolio and prominence in the central suburb of Mumbai and in the Bengaluru market."
He highlighted the attractiveness of central Mumbai suburbs, particularly for first-time homebuyers, and emphasized their commitment to serving the affordable housing market. ARIIL anticipates robust sales leveraging their established presence in the central Mumbai belt, expanding from Wadala to Ghatkopar to Vikhroli, and now venturing into Bhandup.
Regarding the Bengaluru project, Ajmera noted the surge in residential demand in Electronic City, attributing it to the robust resurgence of the IT sector. The strategic location of the project positions ARIIL to reinforce its legacy in the city by capitalizing on the growth opportunities presented.
These residential developments aim to meet the evolving needs of homebuyers, contributing to the creation of new landmarks in their respective areas. ARIIL's recent endeavours align with their commitment to establishing a presence in newer micro markets, marking a significant stride in shaping the company's growth trajectory.
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