Ajmera Realty to redevelop project in Andheri West; targets development value up to ₹320 crore

Ajmera Realty 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 the same 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. It also offers seamless access to a range of social, educational, healthcare and commercial amenities.

The company 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, marching towards its fiscal guidance.

"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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