Ajmera Realty & Infra India rose 3.29% to Rs 309 after the company said it will build high-end residences at Juhu in Mumbai, focusing on urban rejuvenation.
Ajmera Realty & Infra India has recently executed development agreement to undertake redevelopment project of Fairyland Co-operative Housing Society, located in Juhu, Mumbal.Funded through a mix of debt and equity, this project is estimated to accrue sales value of Rs 150 crore.
The 10,520 sq ft plot will comprise 15 flats in a single tower with a total saleable area of approximately 30,000 sq ft. This real estate project will primarily focus on residential apartments of 3 & 4 BHK flats.
Dhaval Ajmera, director, Ajmera Realty & Infra India said: "A large number of the old buildings in Mumbai are beginning to see deterioration in their structures. There is an opportunity to re-purpose the old residential projects into new real estate assets with amenities and weilness quotient in accordance to the contemporary relevance. The redevelopment of Fairyland Co operative Housing Society will be conducted with an objective to upscale the value and provide a residential asset class that caters to the urban lifestyle requirements of existing residents and future home buyers."
The company said it is poised to launch 1.3 million square feet in FY 2022.
On a consolidated basis, net profit of Ajmera Realty & Infra India rose 48.44% to Rs 11.43 crore on 8.56% decline in net sales to Rs 98.48 crore in Q2 September 2021 over Q2 September 2020.
Ajmera Realty & Infra India is one of India's leading real estate company, having a PAN India presence along with international presence in Bahrain and London.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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