Ajmera Realty Purchases Vikhroli Land From Tata Communications Ltd, Plans a Residential Development There

Ajmera Realty Purchases Vikhroli Land From Tata Communications Ltd

The projected gross sales value of the purchase of the 5,017 square metre plot is Rs 550 crore, and it would be used for a residential complex providing 1/2/3 BHK.

Upon payment of Rs 76 crore in earnest money, Shree Yogi Realcon Private Limited, a wholly-owned subsidiary of the publicly traded company Ajmera Realty & Infra India Limited, has acquired a 5,017-square-meter plot of land from Tata Communications Limited.

The statement estimates the total sales value of the transaction, which is Rs 550 crore, will be used for residential construction providing 1/2/3 BHK.

According to Ajmera Realty, the plot of property in Vikhroli East is in a great location since it is near the eastern express highway and the Vikhroli train station, making it convenient to go to other parts of Mumbai, including Airoli, Thane, and South Mumbai. Because of its convenient location and cutting-edge amenities, it is among the most sought-after places to live in the region. The purchase of property is the first stage in the process, and it may indicate that construction will begin in the next fiscal year of 2024.

The purchase of this land is an integral aspect of Ajmera Realty's expansion plan, which involves penetrating emerging micro-markets all around the Mumbai & MMR area, where residential sales have accelerated and are projected to rise. Ajmera Realty is actively pursuing new growth prospects in the housing industry, which have emerged as a result of rising consumer demand for higher-quality houses and higher-quality lifestyles, as well as the improvement of supporting infrastructure.

Dhaval Ajmera, director of the company said that they were delighted to announce their most recent land acquisition in Vikhroli. He also mentioned that their goal was to expand into new niches in the Mumbai and Greater Metropolitan Region real estate markets, and this particular acquisition was a step in that direction.

He added that because of its convenient location and the generally positive climate in the market, the Vikhroli micro-market had a great deal of potential. Ajmera Realty anticipated that this move would enable them to generate potential sales of about Rs 550 crore, therefore contributing to the development of the firm as a whole.

According to Ajmera

"this acquisition is in line with the 5x growth strategy and has expanded our launch pipeline for the current fiscal year to include four projects with the potential to generate an estimated total sales value of Rs 2,570 crore."