Ajmera Group eyes Rs 100 cr biz from Guj

With its reentry in Gujarat with a residential project comprising luxurious apartments, Mumbai-based Ajmera Realty, part of the Ajmera Group is eyeing a Rs 100 crore revenue from the same. The project, 'Enigma Fragrance of Life', will be executed through a 50:50 JV with developer company Sheetal Infrastructure.

The project will consist of 170 units of 2&3 BHK luxurious apartments in Ahmedabad. "We had entered the Ahmedabad market couple of decades ago but later on our focus was mostly in Mumbai. But as part of diversification, we are now in Ahmedabad again. While together with our JV partner we would be investing in all Rs 100-125 crore for the project, we expect it to do a business of around Rs 200 crore at completion. The revenue earned will be shared equally," said Dhaval Ajmera, director, Ajmera Group.

 

With a saleable area of around 305,000 sq ft, the project will offer 2&3 BHK lifestyle apartments with amenities like pre-fitted modular kitchen, air-conditioners, fully equipped gymnasium and WiFi zone, among other things.

Offering a rationale behind luxurious apartments, Ajmera said, "There are luxurious residential units available in Ahmedabad but only in form of bungalows and villas. There are not many luxurious apartments available in the city and hence we wanted to explore this category. Also, we have similar developments in Mumbai. Meanwhile, we chose Sheetal Infrastructure as our partner since they are a local developer with a sound know-how of the market scenario and regulations." With the project expected to be completed in next 18-20 months, the Rs 300-crore Ajmera Realty expects Enigma to add Rs 100 crore to its kitty.