Ajmera Realty Jumps 10% to 52-Week High on Strong Q3 Sales

11 Jan 2024 , 02:54 PM

Ajmera Realty and Infra India’s shares shot up more than 10% to reach a 52-week high of 521.15 on the morning of January 11 following the company’s announcement of a significant increase in sales value for the October–December quarter.

In the third quarter, the company’s sales value increased by 98% year over year to Rs 253 core, while its collections increased by 30% to Rs 151 crore.

Despite low inventory, the real estate major credited the increase in sales value to the ongoing interest in its major projects, Ajmera Manhattan and Ajmera Eden in Mumbai, as well as its projects in Bengaluru.

Ajmera Realty was trading on the National Stock Exchange at Rs 502 at 2:31 in the morning. 8 lakh shares changed hands at the counter, a substantial increase in volume over the 3 lakh shares that were traded on a monthly average.

‘With Q3 FY24 coming to an end, we are on track to surpass our sales target of Rs 1,000 crore for this fiscal year,’ stated Dhaval Ajmera, Director of Ajmera Realty & Infra India, in a filing to the exchange.

According to Ajmera, the record number of property registrations in Mumbai and the MMR (Mumbai Metropolitan Region) area have contributed to the recent upswing in the real estate market. ‘This surge is propelled by substantial infrastructure development projects that are driving an upward trend in property prices,’ he stated.

He stated that there was a rising market for premium and mid-range homes, a market that fits well with Ajmera’s unique offerings.

With a gross development value of Rs 360 crore and a possible development area of around 90,700 square feet, the company purchased a residential redevelopment project in Versova, Mumbai.

Securing a Rs 360 crores-worth of planned sales from a rehabilitation project in Versova bolsters our portfolio and increases our market appeal. We expect demand to expand given the continuing redevelopment and metro expansions. This action demonstrates our dedication to diversity and advances us closer to our 5x growth objective, Ajmera continued.

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