Ajmera Realty & Infra India (ARIIL) has expanded its real estate holdings with the inclusion of two residential ventures, one in Mumbai and another in Bengaluru. These two projects together boast an estimated cumulative gross development value (GDV) of Rs 4.7 billion.
In Mumbai, ARIIL's 85% subsidiary, Anirdesh Developers, has inked a development agreement with the landowner for an SRA redevelopment project located on LBS Marg in Bhandup. Spanning 6.8 acres, this project has a potential sales area of approximately 1 million sq-ft, to be developed in phases. The initial phase, covering around 1.7 lakh sq-ft (carpet area), has a GDV of Rs 3.2 billion. All necessary approvals have been secured, and the first phase is now fully vacated, indicating its readiness for development. This marks the inception of our affordable portfolio, catering to the sub-1 crore segments, slated for launch in December 2023.
In Bengaluru, ARIIL's wholly-owned subsidiary, ARIIL SPV, owning 70% stake, has entered a joint development agreement with the landowner for a residential project in Electronic City phase 2. This strategically located project holds a total development potential of approximately 2.43 lakh sq-ft. The SPV anticipates contributing Rs 1.5 billion to its revenue, with a carpet sales area of about 1.62 lakh sq-ft. Positioned within 5 km from Electronic City, the project benefits from a strategic location and robust metro connectivity. With a proven track record of delivering over 2,000 units in the city, we are set to launch this new project by January 2024.
