Ajmera Realty -; Infra to build high end residence in Juhu, focusing on urban rejuvenation

5 Jan 2022 , 11:36 AM

Premium Realty Developer Ajmera Realty & Infra India ltd. has recently executed a development agreement to undertake a redevelopment project of Fairyland Co-operative Housing Society, located at elite location of Juhu in Mumbai. Funded through a mix of debt and equity, this project is estimated to accrue sales value of Rs150cr.

Ajmera Realty & Infra India Ltd is currently trading at Rs299.65 down by Rs5.35 or 1.75% from its previous closing of Rs305 on the BSE.

The 10,520 sq ft plot will act as an enabler to the growth of quality housing and will comprise of 15 flats in a single tower with a total saleable area of approximately 30,000 sq ft. This real estate project will primarily focus on residential apartments of 3 & 4 BHK flats, the company said in the filing.

The company has acquired this project to redevelop the housing project as part of its plan to expand footprint and build residential properties in key prime markets of Mumbai. With a purpose to create landmark across the nation, this project will be built to fulfil the needs of high networth individuals.

Enriching the good quality of life of existing and new residents, the project is driven by a desire to make living a joyful and wholesome experience for the customers keeping in mind its proximity to colleges, shopping, hospitals, entertainment, office space and city centres makes it a sought-after real estate destination. The project tenure is estimated to be 2 years, the company said.

Ajmera Realty and Infra India Ltd. is poised to launch 1.3 mn sq ft in FY 2022.

Commenting on this new project, Mr. Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd said, “A large number of the old buildings in Mumbai are beginning to see deterioration in their structures. There is an opportunity to re-purpose the old residential projects into new real estate assets with amenities and wellness quotient in accordance to the contemporary relevance. The redevelopment of Fairyland Cooperative Housing Society will be conducted with an objective to upscale the value and provide a residential asset class that caters to the urban lifestyle requirements of existing residents and future home buyers:’