New Delhi, Jan 30 (PTI) Ajmera Realty & Infra India Ltd has acquired a 1,341.1 square metre land parcel in Ghatkopar East, Mumbai for Rs 51 crore to develop a housing project with an estimated revenue of Rs 175 crore.

In a regulatory filing on Thursday, the company said this acquisition, secured through a competitive bidding process with KJ Somaiya Trust, was done at a cost of Rs 51 crore.

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"With the earnest money paid and an MoU in place, the project is expected to yield a carpet area of around 44,000 square feet, with an estimated GDV (gross development value) of Rs 175 crore," the company said.

"The acquisition of this land parcel represents a key step toward our long-term goal of expanding into prominent real estate hotspots across the megapolis," Dhaval Ajmera, Director at Ajmera Realty & Infra India Ltd, said.

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Ghatkopar, as a micro-market, has become an attractive destination for homebuyers in the Eastern suburbs, he said.

Mumbai-based Ajmera Realty & Infra is one of the leading real estate developers in the country.

(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)