Ajmera Realty Ltd. announced on Monday, March 17, that it has secured a significant redevelopment project in Andheri West, Mumbai, with a gross development value (GDV) of ₹320 crore.
The project involves the redevelopment of the premises of Ascot Co-Operative Housing Society Ltd., marking another milestone in the company’s expansion strategy.
The redevelopment project spans a total land area of 2,319 square meters and will be developed in a single phase. Upon completion, the project is expected to generate an estimated sales revenue of ₹320 crore.
The development will offer a total carpet area of approximately 71,300 square feet, catering to the growing demand for premium residential spaces in Mumbai.
In its exchange filing, Ajmera Realty stated, “The project covers a total land area of 2,319 square metre and will be developed in a single phase. It is expected to generate an estimated sales revenue of ₹320 crore, with a total estimated carpet area of around 71,300 square feet.”
The acquisition of this project aligns with Ajmera Realty’s strategy to diversify its portfolio by focusing on inorganic growth through asset-light acquisitions, including redevelopment projects and joint ventures (JV) or joint development agreements (JDA).
The company has been actively expanding its footprint in high-potential micro-markets across Mumbai.
Dhaval Ajmera, Director of Ajmera Realty, emphasised the company’s commitment to strategic growth, stating, “This project reinforces our commitment to revitalising high-potential micro-markets through strategic redevelopment, JV/JDA models, and asset-light acquisitions.”
In addition to the Andheri West project, Ajmera Realty has added four new projects to its portfolio over the past year, with a combined gross development value of approximately ₹2,770 crore. These projects underscore the company’s aggressive growth strategy and its focus on leveraging opportunities in Mumbai’s real estate market.
On March 18, 2025, Ajmera Realty share price traded 2.21% higher at ₹808 at 9:56 AM (IST). Ajmera Realty’s share price reached a 52-week high of ₹1,225.80, and a 52-week low of ₹546.24.
At the current price, ONGC shares are trading at a price-to-earnings (P/E) ratio of 29.98x, based on its trailing 12-month earnings per share (EPS) of ₹26.95, and a price-to-book (P/B) ratio of 3.90, according to exchange data.
The Andheri West redevelopment project is a testament to Ajmera Realty’s vision of transforming underutilised spaces into premium residential developments. With a strong focus on strategic acquisitions and redevelopment.
The company continues to strengthen its position as a key player in Mumbai’s real estate sector. The project is expected to contribute significantly to the company’s revenue growth while meeting the evolving needs of urban homebuyers.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
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Published on: Mar 18, 2025, 10:07 AM IST
Dev Sethia
Dev is a content writer with over 2 years of experience at Business Today, Times of India, and Financial Express. He has also contributed stories in Hindi for BT Bazaar and Khalsa Bandhan News Paper. A journalism postgraduate from ACJ-Bloomberg, Dev enjoys spending his spare time on the cricket pitch.
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