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Last Updated : Jul 11, 2019 11:53 AM IST | Source: Moneycontrol.com

Ajmera Realty gains 3% on announcing plans to develop commercial project in Mumbai

The turnaround tenure for completion of project will sprawl up to 3 to 4 years.

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Ajmera Realty and Infra India shares gained 3.5 percent intraday on July 11 after the company announced a joint venture with local partner of Mumbai for development of the commercial project.

"This joint development represents a major step forward in realising the company's vision to build a trusted name for the commercial era too, servicing more demands of different genre," the realty firm said in its BSE filing.

"It will be a joint development on revenue sharing basis in Ghatkopar on a plot size of 5,310 square metre that has a potential to develop approximately 9,000 square feet of saleable area as our share of development, which may generate revenue of approximately Rs 120 crore as our share of revenue," it added.

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Its proposed development is for approximately 225 units.

"The project has received zero IOD and has initiated demolition. The turnaround tenure for completion of the project will sprawl up to 3 to 4 years," Ajmera said.

The stock India was quoting at Rs 160.70, up Rs 3.30, or 2.10 percent on the BSE at 1121 hours IST.
First Published on Jul 11, 2019 11:52 am
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