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Ajmera Realty targets Rs 4,000 cr revenue in three to four years
The topline from the upcoming seven projects, which will require an investment of around Rs 2,500 crore, is expected to be around Rs 4,000 crore, according to Ajmera Realty, a Mumbai-based developer.
The company expects to close FY22 with Rs 500 crore in revenue, up from Rs 330 crore in the pandemic-hit FY21 and is off to a strong start with sales of Rs 134 crore in June quarter.
It earned Rs 10.26 crore in Q1, up from Rs 2.10 crore on June 20.
When fully developed, the proposed seven projects in Mumbai (four, one of which is a relaunch in the Mulund area), Pune (two), and Bengaluru will total around 2 million sq ft of saleable area.
Apart from the record low-interest rates, other reasons for rising home sales, according to Ajmera, are the pandemic driven need for larger homes, rising demand from young people to buy a unit to live in rather than an investment, and the pandemic driven need for larger homes.
Dhaval Ajmera expects Rs 2,000 crore in revenue from the three projects it launched in January this year (two in Mumbai and one in Bengaluru), investing around Rs 500 crore, and another Rs 2,000 crore from the remaining four projects, which it expects to launch later this year.
Apart from that, it is nearing completion on a ready to move in inventory worth Rs 300 crore in Mumbai and Bengaluru, with over Rs 190 crore already invested.
Its Mumbai projects include the 200-unit Wadala project, which has already sold 40% of its units.
Apart from that, it is working on four projects in London, with sales of over Rs 300 crore expected and a total investment of Rs 75 crore.
Ajmera told the media that three months ago, the company exited the Bahrain market as the housing trend shifted from ownership to rental apartments.
In the 1980s, the Ajmera Group built Asia's first township, with 600 buildings and 16,000 flats, in Mumbai's Mira Road suburb, and has since delivered over 30 million sq ft. The company has also played a significant role in the development of Wadala's real estate market. Bhakti Park is a park dedicated to Hinduism.
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