by THO
Ajmera Realty & Infra India Ltd (ARIIL) has acquired a land parcel measuring 1,341.1 sq meters for ₹51 crore in the Ghatkopar East area of Mumbai and plans to develop a luxury housing project with an estimated revenue of ₹175 crore, the company said in a statement on January 30.
The company said the acquisition was secured through a competitive bidding process with KJ Somaiya Trust. The company announced that the project, yielding a carpet area of 44,000 sq ft, is expected to generate a gross development value of ₹175 crore.
“With the earnest money paid and an MoU in place, the project is expected to yield a carpet area of around 44,000 square feet, with an estimated GDV (gross development value) of ₹175 crore,” the company said.
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The company said on January 30 that this new acquisition strengthens its presence in the Central Mumbai market and reinforces its commitment to delivering top-tier residential projects tailored to evolving customer preferences.
According to the company, Ghatkopar East is 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 local demand for affluent living standards and premium, high-configuration apartments make it an ideal development location.
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“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,” said Dhaval Ajmera, Director of Ajmera Realty and Infra India Ltd.
“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,” Ajmera added.
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According to local brokers, the per sq ft price of apartments in the Ghatkopar East area may vary from around ₹25,000 to ₹33,000, with some exceptions depending on factors like the age of the building and the locality. A 2 BHK apartment on rent in the Ghatkopar East area is available for a monthly rent between ₹45,000 and ₹70,000.
