Construction Industry News
Ajmera Realty & Infra India (ARIIL) has strengthened its real estate portfolio with the addition of two residential projects, one in Mumbai and another in Bengaluru. The cumulative gross development value (GDV) of these two residential projects is estimated at Rs 470 crore.
In Mumbai, Anirdesh Developers (85% subsidiary of ARIIL) has signed a development agreement with the land owner for an SRA redevelopment project located at LBS Marg in Bhandup, Mumbai. The project extends over 6.8 hectares of land and has a sales potential of approximately 1 million square meters, which will be developed in phases. The initial phase of this development is estimated at ~1.7 lacs-ft2 (carpet) with a GDV of Rs 320 crore. The project has received the necessary approvals and the first phase is now completely empty, indicating that it is ready for development. This project marks the beginning of our affordable portfolio, targeting the under 1 crore segment, which is expected to launch in December 2023.
In Bengaluru, ARIIL SPV (70% wholly owned subsidiary of ARIIL) also entered into a joint development agreement for a 69% stake, to jointly develop a residential project in Bengaluru with the land owner. The project is strategically located in Phase 2 of the Electronic City and has a total development potential of approximately 2.43 square meters. The SPV expects to add Rs 150 crore to its turnover, with a carpet sales area of approximately ~1.62 lacs-ft. Located less than 5 km from Electronic City, the project has a strategic location advantage along with strong metro connectivity. With a track record of delivering more than 2000 units in the city, we are ready to launch a new project in January 2024.
Dhaval Ajmera, Director, Ajmera Realty & Infra India, said: The two residential announcements accelerate our goal of achieving our 5x growth, while further strengthening our portfolio and exposure in the central suburbs of Mumbai and the Bengaluru market. . Mumbais central suburbs have become a major draw, especially among first-time homebuyers. As the demand for mid-range housing is becoming the new mainstream in Mumbai MMR, we are ready to cater to the affordable housing market. We expect a strong boost in sales, leveraging our established presence in the central belt of Mumbai, from Wadala to Ghatkopar and Vikhroli, and now expanding to Bhandup.
