Latest News | Ajmera Realty Bags Housing Redevelopment Project in Mumbai; Eyes Rs 360 Cr Sales Revenue

New Delhi, Oct 17 (PTI) Ajmera Realty & Infra India Ltd on Tuesday said it will redevelop a housing society at Versova in Mumbai and is expecting to generate Rs 360 crore revenue from this project.

In a regulatory filing, the Mumbai-based company informed that it has undertaken "redevelopment of Balkrishan Co-operative Housing Society based in Versova."

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The redevelopment is estimated to generate sales of around Rs 360 crore and will primarily comprise 3 BHK residential apartments, it added.

“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," Dhaval Ajmera, Director of Ajmera Realty, said.

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This redevelopment project represents a strategic step towards achieving the 5x growth through joint venture / joint development agreement/ low capex acquisition via inorganic strategy, he added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)