Ajmera Realty to invest Rs 110 cr for housing redevelopment in Mumbai

06 Jan 2022 CW Team

Ajmera Realty and Infra India Limited told the media that the company will invest Rs 110 crore to redevelop a housing society in Mumbai.

The company has executed a development agreement to undertake Fairyland Co-operative Housing Society in Juhu, Mumbai, for redevelopment.

Ajmera Realty said that the company would invest nearly Rs 110 crore for redeveloping the housing society as a part of its strategy to expand its footprint and build residential properties in Mumbai.

The Mumbai housing redevelopment project will be funded via debt and equity, and the overall sales volume is estimated at Rs 150 crore.

The company will build 39 flats, from which 24 will be provided to the existing tenants. The rest 15 will be available for sale to new homebuyers.

Director of Ajmera Realty, Dhaval Ajmera, informed the media that many old buildings in Mumbai are deteriorating. There is an option to redevelop old residential buildings into new real estate assets with all the amenities and wellness quotient per the contemporary relevance.

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Also read: BMC to incentivise developers for housing redevelopment

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