Ajmera Realty bags housing society redevelopment project in Mumbai's Andheri with a sales potential of ₹320 crore
Mumbai Redevelopment News: Ajmera Realty announced that its project in Shastri Nagar, spread across a total land area of 2,319 sq metres
Listed real estate developer Ajmera Realty & Infra India Limited announced its appointment on March 17, to redevelop the Ascot Co-operative Housing Society Limited in Mumbai's Andheri West area. The company said the project will have an estimated sales revenue of ₹320 crore.
According to the statement, the project, covering a total land area of 2,319 sq m, will be developed in a single phase in Shastri Nagar, a prime location in Andheri West, Mumbai, Maharashtra.
The project is expected to generate an estimated sales revenue of ₹320 crores and have a total estimated carpet area of about 71,300 sq. ft.
The company said Shastri Nagar shares a deep-rooted connection with the Ajmera Group, as it was originally developed by the company, reinforcing strong brand recall in the area.
"This development aligns with Ajmera Realty's strategy to diversify its portfolio by expanding its inorganic growth through asset-light acquisitions, including an increasing focus on redevelopment projects. It will further strengthen the company’s presence in Mumbai’s growing micro-markets. With these project additions, the company has added four new projects with a total GDV of about ₹2,770 crores, marching towards its fiscal guidance," the company said in its statement.
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“We are pleased to undertake the redevelopment of Ascot Co-operative Housing Society in Shastri Nagar, Andheri West, an area that holds a significant place in Ajmera Group’s legacy township development. This project reinforces our commitment to revitalizing high-potential micro-markets through strategic redevelopment, JV/JDA models and asset-light acquisitions," said Dhaval Ajmera, Director – ARIIL.
"As the demand for modern urban living continues to rise, we aim to enhance existing residential assets, offering a combination of upgraded lifestyle, contemporary design and long-term value appreciation. With a strong foundation in quality-focused, sustainable developments, Ajmera Realty remains committed to delivering well-planned urban spaces that meet evolving residential needs," Ajmera added.
According to the company, Andheri West, as a location, offers a well-rounded urban lifestyle with access to recreation centres, renowned medical facilities and top-tier educational institutions. Andheri West is well-connected to retail and business hubs, and supported by metro connectivity.
According to local brokers, the per sq ft price for residential apartments in Andheri West is in the range of ₹30,000 to ₹50,000 per sq ft.
