Stock Report

Ajmera Realty secures redevelopment project for 4 societies at Yogi Nagar in Borivali, aims sales of ~INR 330 crores

Posted On : 2023-09-12 14:53:16( TIMEZONE : IST )

As a major step towards the goal of attaining 5x growth, Ajmera Realty & Infra India Limited (ARIIL) (BSE: 513349, NSE: AJMERA), undertakes the redevelopment at Yogi Nagar, one of the most acclaimed and prominent locations in Borivali West, Mumbai. The original development of Yogi Nagar holds a prominent place in the history of Ajmera Group, as it is a part of the legacy township project development. Now, four societies of this township are set to undergo redevelopment. This project is estimated to generate sales of Rs. 330 crores and will primarily consist of residential apartments of 2 & 3 BHK flats, with an estimated carpet area of 1,07,000 Sq.ft. ARIIL aims to create a modern and sustainable living space that will redefine the landscape of the location.

ARIIL has achieved a significant milestone by securing the redevelopment project for four societies of Yogi Nagar. This achievement comes as a result of obtaining a Letter of Intent from these societies, following the completion of all necessary formalities. This project is scheduled for launch in the first half of the calendar year 2024, with an estimated completion duration of three and a half years. This underscores ARIIL's unwavering dedication to delivering exceptional real estate experiences.

Located in Borivali West, this project is well situated in proximity to a plethora of social, educational, healthcare and commercial amenities including amusement parks, recreation centres, prominent hospitals and healthcare facilities, best-in-class educational institutes along with commercial and retail establishments. The centricity of this location places this locality among the well-established residential neighbourhoods of this suburban micro-market.

The commencement of new metro lines 2A and 7, with Borivali West Station being within walking distance from the project, has tremendously reduced the travel time to and from Western Express Highway and other western suburbs. This along with the upcoming Marine Drive-Kandivali Coastal Road, and the twin tunnel project, has made this micromarket a preferred destination amongst business communities and working professionals.

Commenting on the redevelopment, Mr. Dhaval Ajmera, Director - ARIIL said, "Redevelopment offers an intriguing path for both qualitative and quantitative residential growth, addressing the challenges posed by the scarcity of land for densely populated cities like Mumbai. Redevelopment projects like these offer an exciting opportunity to existing homebuyers to elevate their lifestyle, homes and living standards with more spacious and modern amenities. This project will cater to the needs of the residents with revolutionary homes and a modern lifestyle, without compromising on their trusted vicinity.

This project will forever hold a special place in our hearts, as it was part of our ancestor's legacy & flagship township development project, carrying a sentimental value for us. This step is in sync with our macro vision of the group to tap the potential of fastest-growing micro markets and focus on a good mix of redevelopment, JV /JDAs asset light acquisitions along unlocking the owned land bank value. By enhancing our launch pipeline, we aim to further accelerate our 5-fold growth strategy to be delivered."

This project fits with the objective of Ajmera Realty to expand into one of the city's fastest-growing micro markets and is a part of our strategy to focus on the rapidly expanding redevelopment segment in the Mumbai Metropolitan Region (MMR).

Shares of Ajmera Realty & Infra India Limited was last trading in BSE at Rs. 387.20 as compared to the previous close of Rs. 389.60. The total number of shares traded during the day was 2060 in over 172 trades.

The stock hit an intraday high of Rs. 402.15 and intraday low of 386.40. The net turnover during the day was Rs. 810358.00.