Realty developer Ajmera Realty & Infra India Ltd has recorded sales worth Rs 253 crore during the quarter ended December, up 98% from a year ago. The company’s collections for the quarter grew 30% on-year to Rs 151 crore.
The developer sold 1,03,573 sq ft space in the December quarter, up 63% from a year ago. The 98% on-year growth in sales value is attributed to sustained interest in key projects, Ajmera Manhattan and Ajmera Eden in Mumbai, as well as projects in Bengaluru, the company said.
“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.
The company has recently acquired a residential redevelopment project in Mumbai’s Versova locality. This project has a total development potential of over 90,700 sq ft and gross development value of more than Rs 360 crores.
According to Ajmera, this project is a move towards diversification into micro markets that not only strengthen the portfolio but also cater to the long-term growth of the company and is in direction of its stated goal of five times growth.
In September, the developer had secured the rights to redevelop four housing societies at Yogi Nagar in Mumbai’s Borivali suburb. The project is likely to generate revenue of Rs 330 crores with an estimated carpet area of over 1.07 lakh sq ft.
The original development of Yogi Nagar is a part of the township project development undertaken by the developer earlier and of this, four societies will now be redeveloped by the company.
