Ajmera Realty secures Versova redevelopment project, expects revenue of Rs 360cr

In pursuit of a five-fold growth, Ajmera Realty & Infra India (ARIIL) has undertaken the redevelopment of Balkrishan Co-operative Housing Society, located in Versova. Located a 2-minute walk from Versova Metro Station, the redevelopment is estimated to generate a turnover of Rs 360 million and will primarily consist of 3 BHK residential apartments with an estimated carpet area of approximately 90,700 sq ft.

Benefiting from redevelopment efforts and easy access to the metro, this emerging area is poised for substantial growth in both demand and property values.

Dhaval Ajmera, Director, ARIIL, said, “Redevelopment and repurposing of old housing societies into modernized housing categories has gained significant importance in the BMR, opening doors to new opportunities, backed by the redefined interest of homebuyers. Versova as a location has seen enormous demand over the last decade. As we chart the perceived growth of ARIIL, this redevelopment project represents a strategic step towards achieving 5x growth through JV/JDA acquisition/low capex through inorganic strategy.”