Ajmera Realty to redevelop Balkrishan co-operative housing society in Mumbai, ET RealEstate

October 17, 2023

NEW DELHI: Ajmera Realty & Infra India (ARIIL) has been selected as the developer to redevelop the Balkrishan Co-operative Housing Society at Versova, Mumbai.

The redevelopment is estimated to generate sales of about Rs. 360 crore and will primarily comprise 3 BHK residential apartments with an estimated carpet area of approximately 90,700 sq ft.

Dhaval Ajmera, director of the company said, “Redevelopment and repurposing old housing societies into modernized residential asset classes has gained significant prominence in MMR, thus opening doors to newer opportunities backed by redefined interest from homebuyers. As we chart the perceived growth of ARIIL, this redevelopment project represents a strategic step towards achieving the 5x growth through JV/JDA/low capex acquisition via inorganic strategy.”

In September 2023, Anirdesh Developers, a subsidiary of the company, had signed a development agreement with the landowner for an SRA redevelopment project situated on LBS Marg in Bhandup, Mumbai. Spanning across 6.8 acres of land, the project has sales potential of ~1 million sq ft, which will be developed in a phased manner.

The initial phase of this development is estimated to be of ~1.7 lakh sq ft with gross development value (GDV) of ~Rs 320 crore. The project is scheduled for launch in December 2023.

ARIIL SPV, a subsidiary of the company, had entered into a joint development agreement for 69% stake, to develop a residential project in Electronic City phase 2, Bengaluru with the landowner in September 2023.

The project has a total development potential of ~2.43 lakh sq ft. The SPV anticipates adding ~ Rs 150 crore to its topline, with a carpet sales area of about ~1.62 lakh sq ft.

  • Published On Oct 17, 2023 at 04:00 PM IST

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