Ajmera Realty & Infra India Ltd, a realty developer, achieved sales of Rs 253 crore in the quarter ending December, marking a significant 98% increase compared to the previous year. The collections for the quarter also saw substantial growth, rising by 30% on a year-on-year basis to reach Rs 151 crore.
During the December quarter, the developer successfully sold 1,03,573 sq ft of space, marking a substantial 63% increase from the previous year’s corresponding period. The remarkable 98% year-on-year growth in sales value is attributed to the sustained interest observed in key projects, namely Ajmera Manhattan and Ajmera Eden in Mumbai, along with various projects in Bengaluru, as stated by the company.
“As we exit Q3 FY24, we are firmly on course to achieve our sales goal of Rs 1,000 crore for this fiscal… We are experiencing an elevated demand for mid-segment and premium homes, a market segment that aligns with our specific offerings. There are myriad positive factors spearheading the demand for residential housing, not just in Mumbai and MMR, but in Bengaluru as well,” said Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd.
Ajmera Realty & Infra India Ltd has recently acquired a residential redevelopment project in Versova, Mumbai. This project boasts a substantial total development potential exceeding 90,700 sq ft and a gross development value surpassing Rs 360 crores.
Ajmera highlights that this strategic acquisition signifies a step towards micro-market diversification. The aim is to enhance the company’s portfolio and contribute to its long-term growth. This move aligns with the company’s goal of achieving five times growth.
In September, Ajmera Realty & Infra India Ltd obtained the rights to redevelop four housing societies in Yogi Nagar, located in Mumbai’s Borivali suburb. This project is anticipated to yield revenue amounting to Rs 330 crores, covering an estimated carpet area exceeding 1.07 lakh sq ft.
The Yogi Nagar redevelopment is part of the broader township project initially undertaken by the developer, with the company now focusing on redeveloping these four societies within the township.