Ajmera Realty to set up two residential projects in Mumbai, Bengaluru for INR 470 Cr

Rutuja Kedare Oct 03, 2023 0

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.

Also Read: Major Upgradation of Gorakhpur Railway Station, Gorakhpur, Uttar Pradesh

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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Disclaimer: The information contained herein has been compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. The image featured in this article is for representation purposes only and does not in any way represent the project. If you wish the article to be removed or edited, please email editor@biltrax.com.

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