Ajmera Realty spurts ~4% on acquisition of property in Pantnagar -; Ghatkopar

26 Mar 2024 , 03:13 PM

Ajmera Realty & Infra India Limited informed that its 100% subsidiary, Shree Yogi Realcon Private Limited acquired the property from Tata Communications Limited, the property is owned by MHADA.

The company executed a Tripartite agreement dated August 1, 2022.

The acquired land spans 1,721 sq.mt., on which a residential property with a potential carpet area of 95,000 square feet is to be built, with a sales value of Rs250 crore expected over three years at conservative price points.

The superstructure will consist of two wings with 100 units in the configuration of 2, 3, and 4BHK with all modern lifestyle amenities. With the recent shift in Work from Home and Walk to Work concepts, demand for midsegment to luxury housing will drive demand for this project.

Ajmera Realty & Infra India will continue to broaden its project development scale by acquiring a new databank and expanding its existing owned land parcels through its robust JV/JD/DM model. Residential sales velocity is likely to continue in the long term.

The company stated that with the rising demand for high-quality housing, the opportunity to expand into new micro-markets has increased.

At around 1.13 PM, Ajmera Realty was trading at Rs294.05 up by Rs12.4 or 4.4% from its previous closing of Rs281.65 on the BSE. The scrip touched intraday high and low of Rs297 and Rs277.10 respectively.