Ajmera Realty eyes Rs 350 cr revenue from housing project in north Bengaluru

Ajmera Realty and Infra India Ltd today said it has entered into joint development agreement to develop a housing project in Bengaluru having a revenue potential of about Rs 350 crore over the next four years.

In a BSE filing, the Mumbai-based developer said: "We have entered into joint development at Bengaluru, through our wholly owned subsidiary for developing 11 acres of land which has a potential to develop 7 lakh sq ft, which may generate revenue of approx Rs 350 crore".

The project has received all in-principle approvals and would be launched by the end of this quarter. "It will take three to four years of time span for completion and will cater to mid-segment housing residences," the filing added.

This project Ajmera Lugaano is located at north Bengaluru.

"Bengaluru is one of our key market, where we have already developed 35 lakh sq ft in one of the major technology hub Electronic city," the company said.