ARIIL expands Mumbai, Bengaluru footprint with redevelopment projects

Ajmera Realty & Infra India (ARIIL) has secured the role of developer for the Balkrishan Co-operative Housing Society in Versova, Mumbai. The redevelopment initiative is expected to yield sales worth approximately Rs 3.6 billion and will primarily feature 3 BHK residential apartments with an estimated carpet area of around 90,700 sq ft. Dhaval Ajmera, the company's director, emphasised the growing significance of transforming aging housing societies into modern residential spaces, reflecting the evolving interests of homebuyers in the Mumbai Metropolitan Region (MMR). He views this redevelopment project as a strategic move for ARIIL, aligning with their ambition for 5x growth through joint ventures, joint development agreements, and low capital expenditure acquisitions via inorganic strategies. In a significant development in September 2023, Anirdesh Developers, a subsidiary of ARIIL, inked a development agreement for an SRA redevelopment project located on LBS Marg in Bhandup, Mumbai. Encompassing 6.8 acres, this project holds a sales potential of approximately 1 million sq ft, planned for phased development. The initial phase, covering around 1.7 lakh sq ft, is valued at approximately Rs 3.2 billion and is set to be launched in December 2023. Additionally, ARIIL's subsidiary, ARIIL SPV, joined forces with a landowner through a joint development agreement, acquiring a 69% stake for a residential project in Electronic City Phase 2, Bengaluru. Commencing in September 2023, the project boasts a total development potential of approximately 2.43 lakh sq ft, with an expected revenue boost of around Rs 1.5 billion. The project aims to deliver a carpet sales area of about 1.62 lakh sq ft.