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Ajmera Realty accelerates growth with redevelopment acquisition in Andheri West, targets GDV of INR 320 crores

Posted On : 2025-03-17 11:38:33( TIMEZONE : IST )

Ajmera Realty & Infra India Limited (Ajmera Realty) (BSE: 513349, NSE: AJMERA), a leading real estate company in Mumbai and Bengaluru, announces its appointment to redevelop the premises of Ascot Co-operative Housing Society Limited. The project, covering a total land area of 2,319 sq. mt., to be developed in a single phase in Shastri Nagar, a prime location in Andheri West, Mumbai, Maharashtra. Shastri Nagar shares a deep-rooted connection with the Ajmera Group, as it was originally developed by the Company, reinforcing strong brand recall in the area.

The project is expected to generate an estimated sales revenue of INR 320 crores, with a total estimated carpet area of about 71,300 sq. ft. This development aligns with Ajmera Realty strategy to diversify its portfolio by expanding its inorganic growth through asset-light acquisitions, including an increasing focus on redevelopment projects. It will further strengthen the Company's presence in Mumbai's growing micromarkets. With these project additions, the company has added four new projects with a total GDV of about INR 2,770 crores, marching towards its fiscal guidance.

Located in Andheri West, this project is part of Ajmera Group's legacy development, with seamless access to a wide range of social, educational, healthcare, and commercial amenities. The location offers a well-rounded urban lifestyle with access to recreation centers, renowned medical facilities and top-tier educational institutions. It is also well-connected to high activity retail and business hubs, supported by excellent metro connectivity. Its central positioning further reinforces its status as a prime residential neighborhood within this thriving suburban micro-market.

Commenting on the redevelopment, Mr. Dhaval Ajmera, Director - ARIIL said, "We are pleased to undertake 0the redevelopment of Ascot Co-operative Housing Society in Shastri Nagar, Andheri West, an area that holds a significant place in Ajmera Group's legacy township development. This project reinforces our commitment to revitalizing high-potential micro-markets through strategic redevelopment, JV/JDA models and asset-light acquisitions.

As the demand for modern urban living continues to rise, we aim to enhance existing residential assets, offering a combination of upgraded lifestyle, contemporary design and long-term value appreciation. With a strong foundation in quality-focused, sustainable developments, Ajmera Realty remains committed to delivering wellplanned urban spaces that meet evolving residential needs."

This project showcases the Company's commitment to expanding into diverse micro-markets, enhancing its portfolio while delivering long-term growth. Focused on creating living spaces that blend comfort with spacious design, the company aims to accelerate its presence in the redevelopment sector across the Mumbai Metropolitan Region (MMR).

Shares of Ajmera Realty & Infra India Limited was last trading in BSE at Rs. 784.30 as compared to the previous close of Rs. 789.15. The total number of shares traded during the day was 2506 in over 449 trades.

The stock hit an intraday high of Rs. 818.75 and intraday low of 777.25. The net turnover during the day was Rs. 2002450.00.