Ajmera Realty on Tuesday, October 17, informed the stock exchanges that it has bagged the redevelopment project of a housing society in Versova, Mumbai.

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The redevelopment project will primarily comprise 3 BHK residential apartments and is estimated to generate sales of around Rs 360 crore. “Ajmera Realty’s redevelopment project in Versova signifies a strategic move into a highly sought-after micro-market, drawing interest from homebuyers and notable individuals, including business leaders and celebrities,” the company said in its statement.

It added that the emerging area, benefitting from redevelopment efforts and convenient metro access, is poised for substantial growth in both demand and property values.

The company's director Dhaval Ajmera said redevelopment of and repurposing old housing societies into modernised residential asset classes has gained significant prominence in the Mumbai Metropolitan Region (MMR), thus opening doors to newer opportunities backed by redefined interest from homebuyers. "Versova as a location has gained momentous demand in the last decade. Given the upcoming infrastructure projects, this sentiment will only strengthen further,” he said.

“As we chart the perceived growth of Ajmera Realty, this redevelopment project represents a strategic step towards achieving the 5x growth through JV/JDA/low capex acquisition via inorganic strategy,” Ajmera said. JV refers to joint venture and JDA refers to joint development agreement.

On Tuesday, Ajmera Realty shares jumped as much as 6.2 percent to hit an intra-day high of Rs 433.90 apiece on BSE on Tuesday, October 17, morning. The stock has gained over 42 percent in the last six months and 72 percent in the past one year.

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(Edited by : Shloka Badkar)