Ajmera Realty Ltd. on Monday, March 17, said it has secured a redevelopment project in Andheri West, Mumbai, with a gross development value of ₹320 crore.
The company will redevelop the premises of Ascot Co-Operative Housing Society Ltd. The project covers a total land area of 2,319 square metre and will be developed in a single phase.
The project is expected to generate an estimated sales revenue of ₹320 crore, with a total estimated carpet area of around 71,300 square feet, Ajmera Realty said in its exchange filing.
Ajmera said the development aligns with its strategy to diversify its portfolio by expanding its inorganic growth through asset-light acquisitions, including an increasing focus on redevelopment projects. It also said the company has added four new projects with a total gross development value of around ₹2,770 crore.
“This project reinforces our commitment to revitalising high-potential micro-markets through strategic redevelopment, JV/JDA models and asset-light acquisitions,” the company’s director Dhaval Ajmera said.
Ajmera Realty shares were trading 1.6% higher at ₹795.7 apiece at 11.35 am on Monday, March 17. The stock has declined 29.5% this year, so far.
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