Ajmera Realty & Infra India (ARIIL) has acquired a 1,341.1 sq. mt. premium land parcel in Ghatkopar East, Mumbai. This acquisition, secured through a competitive bidding process with KJ Somaiya Trust at a cost of Rs 0.51 billion. With the earnest money paid and an MoU in place, the project is expected to yield a carpet area of ~44,000 sq. ft., with an estimated GDV of Rs 1.75 billion, said the BSE filing.

Situated in Ghatkopar East, a well-established locality with a rising demand for spacious, high-end living, the company sees significant potential to launch an ultra-luxury project in this prime neighbourhood. The locale demand for affluent living standards and premium, high-configuration apartments makes it an ideal location for such a development. This new acquisition further strengthens the company’s presence in the Central Mumbai market, reinforcing its commitment to delivering top-tier residential projects tailored to evolving customer preferences.

Commenting on the development, Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd, said, ""The acquisition of this land parcel represents a key step toward our long-term goal of expanding into prominent real estate hotspots across the megapolis. Ghatkopar, as a micro-market, has become an attractive destination for homebuyers in the Eastern suburbs, and this outright acquisition, backed by our robust cash flow position, further strengthens our growth strategy.

This micro-market is distinguished by its unique characteristics and significant potential, driven by the rising demand for luxury and ultra-luxury homes. With this acquisition, we aim to meet the demand for premium living spaces while reinforcing our presence in the eastern and fast-evolving suburbs of the city. Moreover, this move aligns perfectly with our vision of achieving 5x growth, as we remain dedicated to delivering exceptional value to our stakeholders and seizing emerging opportunities in the real estate sector.