Ajmera Realty secures redevelopment project for 4 societies at Yogi Nagar in Borivali; aims for sales of Rs 330 crore, as per a regulatory filing.
The original development of Yogi Nagar is a part of the legacy township project development. Now, four societies of this township are set to undergo redevelopment. This project is estimated to generate sales of Rs 330 crore and will primarily consist of residential apartments of 2 and 3 BHK flats, with an estimated carpet area of 1,07,000 Sq.ft, the filing added.
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This project is scheduled for launch in the first half of the calendar year 2024, with an estimated completion duration of three and a half years.
Shares of Ajmera Realty were trading at Rs 374.40 down by 3.31 percent, at 12:46 pm, at September 12, on BSE.
This project is situated in Borivali West, which has a variety of social, educational, healthcare, and commercial amenities nearby, including amusement parks, recreation centres, prominent hospitals and healthcare facilities, as well as top-notch educational institutions and retail and commercial establishments. In this suburban micro-market, this locality is surrounded by well-established residential neighbourhoods due to its centralized location.
Dhaval Ajmera, Director of ARIIL said, "This project will cater to the needs of the residents with revolutionary homes and a modern lifestyle, without compromising on their trusted vicinity. This step is in sync with our macro vision of the group to tap the potential of fastest-growing micro markets and focus on a good mix of redevelopment, JV /JDAs asset light acquisitions along unlocking the owned land bank value. By enhancing our launch pipeline, we aim to further accelerate our 5-fold growth strategy to be delivered.”
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