Ajmera Realty & Infra India hit an upper circuit limit of 5% at Rs 429.30 after the company said it will develop residential project at Wadala (Mumbai) with an estimated sales value of Rs 1500 crore.
Ajmera Realty and Infra India is developing the next phase of its residential project in Wadala, part of the 100 acres master layout of Ajmera i-Land in Mumbai.The project has approximately 5,00,000 sq. ft. carpet area for sale, with funding avenues for the said project coming in from a mix of internal accruals, construction finance loan from HDFC, and sales advances. With an estimated sales value of Rs 1500 crore, the project plot will comprise 540 residential flats and 18 retail shops.
Construction of the project has begun and is expected to be completed in five years. The project is designed by prominent architect Hafeez Contractor.
The construction of the project will comprise of two wings, aggregating to 540 residential flats, which will be within close proximity of a 25 acres garden, which is also located within the township. The 2BHK and 3BHK apartments configuration ranges from 750 - 794 RERA CA and 977 - 1225 RERA CA, respectively.
Over the last decade, Ajmera Realty and Infra India has done sales worth more than Rs 2,000 crore and total sales of 1.3 million sq. ft. in Wadala. It recorded a sales value of Rs 625 crore at the time of the pandemic (April 2020 - September 2021) in Wadala.
Ajmera Realty & Infra India has a pan-India presence along with an international presence in locations viz. Bahrain and London. It is focused on premium developments in luxury and mid-luxury projects in the residential segment.
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.
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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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