Ajmera Realty to invest Rs 900 crore to develop residential project in Wadala

Listed realty developer Ajmera Realty and Infra India is planning to invest over Rs 900 crore to develop a residential project as part of its 100-acre master layout in central Mumbai’s Wadala locality.
The financing of the project will be supported through a mix of internal accruals, construction finance loan from HDFC and sales advances. The project with around half a million sq ft carpet area will be developed is estimated to derive sales value of Rs 1,500 crore. The development will be part of ongoing project Ajmera i-Land township and will comprise 540 residential apartments across two wings.

The developer has already started the construction of the project, which is expected to be completed in five years from now.

“Over the last one decade, Wadala has seen significant growth in terms of its value proposition and the infrastructure developments have spelled positive implications on the housing market. Going forward, Wadala is expected to undergo a radical transformation and is expected to be one of the prime beneficiaries of infra-oriented transit development happening in the city of Mumbai,” said Dhaval Ajmera, Director of Ajmera Realty and Infra India.

The project will comprise premium two- and three-bedroom apartments with configuration ranging from 750 sq ft - 794 sq ft RERA carpet area and 977 sq ft - 1,225 RERA carpet area, respectively.

Ajmera Realty and Infra India has achieved sales worth more than Rs 2,000 crores and total sales of 1.3 million sq ft in Wadala over the last decade. The company has recorded a sales value of Rs 625 crores during the pandemic period from April 2020 to September 2021) at its township project in Wadala.

The developer recently entered into an alliance to undertake redevelopment of a housing society in the plush Juhu locality of Mumbai. The company is looking to complete this entire redevelopment project in two years, at an investment of about Rs 110 crore.

With Bandra-Kurla Complex’s emergence as the prime commercial location in Mumbai, Wadala has emerged as a preferred destination for home buyers, owing to its close proximity with the new BKC- Chunabhatti Flyover.

The proposed development is strategically located at the center of reputed educational institutions within the immediate vicinity. The location connects Freeway, Monorail, and BKC, bringing work and social life closer to each other.