Ajmera Realty acquires land parcel in Vikhroli for residential development
24/04/2023
new delhi, apr 23: Shree Yogi Realcon Private Limited, a 100 per cent subsidiary of the listed company Ajmera Realty & Infra India Limited, has acquired a land parcel measuring 5,017 square metres from Tata Communications Limited in a bidding process for a total consideration of Rs 76 crore, on payment of earnest money, according to a statement.
The acquisition is intended for residential development offering 1/2/3 BHK, with an estimated gross sales value of Rs 550 crore, as per the statement.
As per Ajmera Realty, the land parcel in Vikhroli East possesses a prime location with proximity to Airoli, Thane and South Mumbai, as it is located along the eastern express highway and within walking distance of the nearest Vikhroli railway station.
Its strategic location and contemporary offerings make it a preferred residential choice for prospective buyers in the area. The land acquisition marks the initial step in the project, signalling the potential launch of this project in the financial year 2024.
The land acquisition is part of Ajmera Realty’s growth strategy to continue broadening its scope in newer micro-markets across the Mumbai & MMR region, where residential sales have accelerated and are expected to grow.
The demand for quality homes and better lifestyles, coupled with infrastructure development, has led to new opportunities for growth in the housing sector, which Ajmera Realty is keenly exploring.
Company Director Dhaval Ajmera said, “We are excited to announce our latest land acquisition in Vikhroli. This aligns with our objective of strengthening our footprint across real estate micro markets in Mumbai & MMR markets.
This micro-market at Vikhroli is strategically well-located and holds immense potential in a favourable market environment. We are bullish that this step will help us garner an approximate sales potential of Rs 550 crore, fostering the company’s overall growth.
“This acquisition aligns with the 5x growth strategy and has expanded our launch pipeline for the current fiscal year to include four projects with the potential to generate an estimated total sales value of Rs 2,570 crore,” Ajmera added.
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