Mumbai project to launch in October: Ajmera Realty

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Rajnikant Ajmera, Managing Director, Ajmera Realty , said the company had about 40 million square feet on land. "We have 40 lakh square feet of floor space index (FSI) for our Bhakti Park, Mumbai. We will launch in October. At present, the ready stock is of about 1 lakh square feet of flats," he said.

Here is a verbatim transcript of Rajnikant Ajmera on CNBC-TV18. Also watch the accompanying video.

Q: If I have the number correct, you have about 40 million square feet of land. Two in Mumbai, two in Bangalore and one in Bahrain. Could you tell us what is the valuation that you have calculated on your land in Mumbai - how many acres or how many million square feet is it? What are you doing on it? How much of it is sold, if any has been sold on that?

A: We have 40 lakh square feet of floor space index (FSI) for our Bhakti Park, Mumbai. We will launch in October. At present, the ready stock is of about 1 lakh square feet of flats.

In Bangalore, construction of about 15 lakh square feet is on - it is in the electronic city, and we have another 60-lakh square feet project in Bangalore: Ajmera Arista.

For Bhakti Park, we have appointed the architects and the plan is to start with high-rise residential towers and subsequently also construct retail projects when demand picks up.

Q: Can you tell us given this kind of your game plan of rolling out projects, what kind of revenues you are expecting in FY10 and how would it compare to your FY09 revenues?

A: Since we work on the project-completion method, it will depend on sales for revenue. The project launches in September 2009 and we expect total sales to be around Rs 100-200 crore in FY09-10.

Q: On these projects especially in the Mumbai. what do you plan to open the booking at and my question is specifically related to the super built-up area, not to carpet area? What kind of amount will you open your booking at and how much are you going to charge per floor, just to get an indication of where the rates are moving if anything at all right now?

A: Bhakti Park has ready possession flats that we are selling depending on the floor. The average price is around Rs 8,000 per square feet. It will be depend on the market but the rate would be around more than Rs 8,000 per square feet. As regarding the floor rise, it will be Rs 25 per square feet.