Ajmera Realty & Infra India Ltd (ARIIL), a real estate developer, has entered into agreements to undertake the development of two residential projects in Mumbai and Bengaluru, with a gross development value (GDV) totaling INR 470 Crore.
In Mumbai, ARIIL’s 85 percent subsidiary, Anirdesh Developers Pvt Ltd, has finalized a development agreement with the landowner for an SRA redevelopment project located on LBS Marg in Bhandup. Covering an expansive 6.8 acres, this project holds a sales potential of approximately 1 Mn-SqFt, to be developed in phases.
The initial phase of this development is anticipated to encompass 1.7 Lakh-SqFt with a GDV of INR 320 Crore. The project has successfully obtained the required approvals, and the first phase has now been fully vacated, signaling its readiness for development.
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In Bengaluru, ARIIL SPV, a wholly-owned subsidiary of ARIIL, in which ARIIL holds a 70 percent stake, has entered into a joint development agreement with the landowner to develop a residential project. ARIIL SPV will have a 69 percent stake in this venture. The project is expected to generate a topline revenue of INR 150 Crore, with a carpet area sale of approximately 1.62 Lakh-SqFt.
This project is situated in Electronic City Phase 2 in southern Bengaluru and holds a development potential of around 2.43 Lakh-SqFt. The company has plans to launch another project by January 2024.
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