Ajmera Realty & Infra India Ltd. (ARIIL), strengthens its real estate portfolio with the addition of two residential projects, one each in Mumbai and Bengaluru. The cumulative Gross Development Value (GDV) of these two residential projects is estimated to be INR 470 million. In Mumbai, Anirdesh Developers Pvt.

Ltd. (85% subsidiary of ARIIL), has signed a Development Agreement with the landowner for an SRA redevelopment project situated on LBS Marg in Bhandup, Mumbai. Spanning across 6.8 acres of land, the project has sales potential of 1.7 mn sq.ft., which will be developed in a phased manner. The initial phase of this development is estimated to be of 1.7 lacs sq.

ft. with GDV of INR 320 million. The project has secured the necessary approvals and the first phase is now fully vacated indicating its readiness for development.

This project marks the beginning of affordable portfolio, targeting the sub-1 million segment, scheduled for launch in December 2023. In Bengaluru, ARIIL SPV (70% of ARIIL wholly owned subsidiary) has also entered into a Joint Development Agreement for 69% stake, to develop a residential project in Bengaluru with the landowner. Located strategically in Electronic city phase 2, the project boasts a total development potential of 2.43 lacs sq.ft.

The SPV anticipates adding INR 150 million to its topline, with a carpet sales area of about 1.62 lacs sq.ft. Situated within 5 km from Electronic City, the project commands a strategic location advantage along with robust metro connectivity. With a track record of delivering over 2,000 units in the city, are poised to launch another project by January 2024.