Ajmera Realty surges on securing redevelopment project for 4 societies in Mumbai

Ajmera Realty & Infra India is currently trading at Rs. 379.60, up by 10.35 points or 2.80% from its previous closing of Rs. 369.25 on the BSE.

The scrip opened at Rs. 377.00 and has touched a high and low of Rs. 383.95 and Rs. 371.45 respectively. So far 2149 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 412.40 on 03-Aug-2023 and a 52 week low of Rs. 230.30 on 04-Nov-2022.

Last one week high and low of the scrip stood at Rs. 402.15 and Rs. 367.00 respectively. The current market cap of the company is Rs. 1345.76 crore.

The promoters holding in the company stood at 69.73%, while Institutions and Non-Institutions held 0.84% and 29.43% respectively.

Ajmera Realty & Infra India has been selected as the developer to redevelop the four residential societies at Yogi Nagar Borivali West, Mumbai. The original development of Yogi Nagar holds a prominent place in the history of Ajmera Group, as it 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 & 3 BHK flats, with an estimated carpet area of 1,07,000 Sq.ft. 

The company aims to create a modern and sustainable living space that will redefine the landscape of the location. It has achieved a significant milestone by securing the redevelopment project for four societies of Yogi Nagar. This achievement comes as a result of obtaining a Letter of Intent from these societies, following the completion of all necessary formalities. 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. 

Located in Borivali West, this project is well situated in proximity to a plethora of social, educational, healthcare and commercial amenities including amusement parks, recreation centres, prominent hospitals and healthcare facilities, best-in-class educational institutes along with commercial and retail establishments. The centricity of this location places this locality among the well-established residential neighbourhoods of this suburban micro-market.

The commencement of new metro lines 2A and 7, with Borivali West Station being within walking distance from the project, has tremendously reduced the travel time to and from Western Express Highway and other western suburbs. This along with the upcoming Marine Drive-Kandivali Coastal Road, and the twin tunnel project, has made this micro market a preferred destination amongst business communities and working professionals. 

Ajmera Realty & Infra India is primarily engaged in real estate development. Its real estate business caters to the mid and hi-end housing segments. It also operates in the hospitality and entertainment, which includes dome theatres, retail and malls, etc.