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Last Updated : Jun 11, 2018 02:00 PM IST | Source: Moneycontrol.com

Ajmera Realty rises 7% on 5.5 acre land acquisition at Bengaluru

All statutory approvals are in place and this project may be launched by next quarter.

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Shares of Ajmera Realty rose 7 percent intraday Monday as company through its wholly owned subsidiary acquired land at Electronic City-2, Bengaluru.

The company acquired 5.5 acres of land at Electronic City-2 which has a potential to develop 5.5 lakhs square feet, which may generate revenue of approximately Rs 300 crore in three years span.

All statutory approvals are in place and this project may be launched by next quarter.

The total area under development in Bengaluru, along with the existing projects is approximately14 lakhs sq. ft., which will generate revenue of Rs 700 crore approximately, over a period of 3 to 4 years, company said in release.

In Electronic City, the company developed and delivered 20 lakhs square feet and with this additional acquisition, our presence in market will be further strengthen.

At 13:44 hrs Ajmera Realty and Infra India was quoting at Rs 232.95, up Rs 14.05, or 6.42 percent on the BSE.

Posted by Rakesh Patil
First Published on Jun 11, 2018 01:57 pm
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