"Ajmera Realty Wins Residential Redevelopment Project, Sparks Surge in Shares"

Ajmera Realty and Infra India Ltd. (ARIIL) experienced a notable 3.63% increase in their share prices following their successful bid for a residential redevelopment project in Versova, Mumbai. The project is set to transform the Balkrishan Co-operative Housing Society, which is strategically located in close proximity to the Versova Metro Station. The development is expected to generate an estimated ₹360 crore in sales, signifying a significant boost for the company.

This undertaking aligns with ARIIL's broader mission to contribute to the growth and appreciation of property values in the region. The primary focus of the project is on constructing contemporary 3 BHK residential apartments, offering a total carpet area of approximately 90,700 square feet. This commitment to modernization and improved living standards is in line with ARIIL's strategy to expand its footprint within the redevelopment sector of the Mumbai Metropolitan Region (MMR).

Dhaval Ajmera, the Director of ARIIL, commented on the development, saying, "Versova has witnessed a remarkable surge in demand over the past decade, a trend we anticipate will only continue to strengthen with upcoming infrastructure projects. This project represents not only a lifestyle upgrade for current residents but also promises substantial value appreciation for existing residential assets and high-quality urban living opportunities for new homebuyers. As we map out ARIIL's growth trajectory, this redevelopment project stands as a strategic move toward achieving our goal of 5x growth through joint ventures, development agreements, and low-capital acquisition via inorganic strategies."

HBL