Ajmera Realty buys land parcel in Mumbai from Tata Communications for Rs 76 cr; eyes Rs 550 cr revenue

The acquisition is intended for the residential development offering 1/2/3 BHK, with an estimated gross sales value of Rs 550 crore, Ajmera Realty said. (Representative Image)

Ajmera Realty & Infra India Ltd has acquired 5,017 square meters of land in Mumbai from Tata Communications for Rs 76 crore to build a residential project.

The land parcel, located at Vikhroli East, has been acquired by its subsidiary Shree Yogi Realcon Pvt Ltd in a bidding process for a total consideration of Rs 76 crore.

The acquisition is intended for the residential development offering 1/2/3 BHK, with an estimated gross sales value of Rs 550 crore, the company said.

The land acquisition is a part of Ajmera Realty's growth strategy, to continue broadening its scope in newer micro-markets across the Mumbai & MMR region, where residential sales have accelerated and is expected to grow further.

Dhaval Ajmera, the company's director, said the land acquisition in Vikhroli aligns with the objective of strengthening the company's footprint across real estate micro markets in Mumbai & MMR.