Shree Yogi Realcon Private Limited, a 100 percent subsidiary of Ajmera Realty & Infra India Limited (ARIIL) has acquired a land parcel from Tata Communications Limited for Rs 42.5 crore in Ghatkopar's Pant Nagar area located in the central suburbs of Mumbai, the company said on August 2.
The plot measuring 1,721 sq meters is owned by Maharashtra Housing and Area Development Authority (MHADA) and Ajmera Realty acquired by executing a tripartite agreement with MHADA and Tata Communication the previous day.
Ajmera Realty said, "A residential property is to be constructed with a potential carpet area of 95,000 sft and estimated to generate a sales value of Rs 250 crore over three three years with conservative price points."
The project will constitute two wings in the configuration of 2, 3 and 4BHK, having 100 units. With the recent shift of the work from home and walk to work concepts, demand for mid-segment to luxury housing would drive the demand for this project, it said.
"We have taken the rights of the plot for Rs 42.5 crore from Tata Communications. The plot was on 99 years lease and given to Tata Communication by MHADA, and another approx 55 years lease is pending for which we have taken the rights," Ajmera Realty & Infra India Limited director Dhaval Ajmera said.
Ajmera added the company would apply for permissions to start the work and plan to start the construction by the end of 2022.
The acquisition of Pantnagar land was in alignment with the company’s "vision of its 5x growth plan, which targets a revenue potential of Rs 4,000 crore over the next three-five years, Ajmera said.
Ghatkopar, Pantnagar was poised to be a lucrative destination for homebuyers, with its newly planned infrastructure development.
Ajmera Realty said the company would continue to widen its project developmental scale from existing owned land parcels and by acquiring a new landbank and projects through its joint venture, joint development agreement and direct model.
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