Ajmera Realty acquires land worth Rs 76 cr

Shree Yogi Realcon Private Limited, a 100% subsidiary of Ajmera Realty & Infra India Limited (ARIIL) (BSE: 513349, NSE: AJMERA), has acquired a land parcel admeasuring 5017 sq. mt. from Tata Communications Limited in a bidding process for a total consideration of INR 76 crores, on payment of earnest money. The acquisition is intended for the residential development offering 1/2/3 BHK, with an estimated gross sales value of INR 550 crores.

Located in Vikhroli East, the upcoming project possesses a prime location with proximity to Airoli, Thane and South Mumbai, as it is located along the eastern express highway and within walking distance of the nearest Vikhroli railway station. With its strategic location and contemporary offerings, is a preferred residential choice for prospective buyers in the area. The land acquisition marks the initial step in the project, signaling the potential launch of this project in FY 2024.

The land acquisition is a part of Ajmera Realty’s growth strategy, to continue broadening its scope in newer micro-markets across the Mumbai & MMR region, where residential sales have accelerated and is expected to grow further. The demand for quality homes and better lifestyles, coupled with infrastructure development, has led to new opportunities for growth in the housing sector, which Ajmera Realty is keenly exploring.

Commenting on the development, Dhaval Ajmera, Director – ARIIL said, “We are excited to announce our latest land acquisition in Vikhroli, which aligns with our objective of strengthening our footprint across real estate micro markets in Mumbai & MMR market. This micro-market at Vikhroli is strategically well located and holds immense potential, with a favorable market environment. We are bullish that this step will help us garner an approximate sales potential of INR 550 crores, fostering the company’s overall growth.

This acquisition aligns with the 5x growth strategy and has expanded our launch pipeline for the current fiscal year to include four projects with the potential to generate an estimated total sales value of ~INR 2570 crores. This dynamic market scenario has presented us with new opportunities for housing growth that Ajmera Realty is eager to explore, and we are steadfast in our commitment to delivering quality homes that cater to the evolving needs of our customers.”