Ajmera Realty Buys Land in Mumbai for Rs 175cr Project

New Delhi, Jan 30 (PTI) Ajmera Realty & Infra India Ltd has acquired a 1,341.1 square metre land parcel in Ghatkopar East, Mumbai for Rs 51 crore to develop a housing project with an estimated revenue of Rs 175 crore.

In a regulatory filing on Thursday, the company said this acquisition, secured through a competitive bidding process with KJ Somaiya Trust, was done at a cost of Rs 51 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 Rs 175 crore," the company 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," Dhaval Ajmera, Director at Ajmera Realty & Infra India Ltd, said.

Ghatkopar, as a micro-market, has become an attractive destination for homebuyers in the Eastern suburbs, he said.

Mumbai-based Ajmera Realty & Infra is one of the leading real estate developers in the country.