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Ajmera Realty acquires land parcel in Mumbai from Tata Comm for Rs 76 cr

The land is located in Mumbai's Vikhroli East. With its strategic location and contemporary offerings, land is a preferred residential choice for prospective buyers in the area

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Pratigya Yadav New Delhi

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Shree Yogi Realcon Private Limited, a 100 per cent subsidiary of Ajmera Realty & Infra India Limited has acquired a land parcel of 5,017 square meters from Tata Communications in a bidding process for Rs 76 crores.

The acquisition is intended for the residential development offering one, two and three BHK, with an estimated gross sales value of Rs 550 crores, the company said in a statement.

The land is located in Mumbai's Vikhroli East. With its strategic location and contemporary offerings, land is a preferred residential choice for prospective buyers in the area, it said.

The land acquisition marks the initial step in the project which is expected to be launched in the financial year 2024.

The land acquisition is a part of Ajmera Realty's growth strategy, to continue broadening its scope in newer micro-markets across the Mumbai & Mumbai Metropolitan region, where residential sales have accelerated and is expected to grow further.

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, it said.

Dhaval Ajmera, director, Ajmera Realty said, "This micro-market at Vikhroli is strategically well-located and holds immense potential, with a favorable market environment."

The company is bullish that this step will help it garner an approximate sales potential of Rs 550 crores, fostering the company’s overall growth.

This acquisition aligns with the 5x growth strategy and has expanded firm's launch pipeline for the current fiscal year to include four projects with the potential to generate an estimated total sales value of Rs 2570 crores, Ajmera said.

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First Published: Apr 23 2023 | 11:19 PM IST

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