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Ajmera Realty & Infra India (ARIIL) has been chosen as the developer for the redevelopment of the Balkrishan Co-operative Housing Society in Versova, Mumbai. This redevelopment project is expected to yield around Rs. 360 crore in sales and will predominantly consist of 3 BHK residential apartments covering an estimated carpet area of approximately 90,700 sq ft. The Balkrishan Co-operative Housing Society redevelopment project holds great promise due to its favourable location near the Versova Metro Station, offering easy access to a range of amenities, including healthcare, educational institutions, commercial centres, and recreational options.
Dhaval Ajmera, the company's director, highlights the growing significance of redeveloping and repurposing old housing societies into modern residential asset classes, driven by heightened interest from homebuyers. This project is seen as a strategic step in ARIIL's pursuit of 5x growth through joint ventures, development agreements, and low capital expenditure acquisitions.
In September 2023, ARIIL's subsidiary, Anirdesh Developers, entered into a development agreement for an SRA redevelopment project located on LBS Marg in Bhandup, Mumbai. Spanning across 6.8 acres, the project is anticipated to have a sales potential of around 10 lakh sq ft, which will be developed in phases. The initial phase, covering approximately 1.7 lakh sq ft with a gross development value (GDV) of about Rs. 320 crore, is scheduled for launch in December 2023.
Furthermore, ARIIL's subsidiary ARIIL SPV ventured into a joint development agreement to develop a residential project in Electronic City Phase 2, Bengaluru by acquiring a 69% stake. This project holds a total development potential of around 2.43 lakh sq ft. The SPV envisions adding approximately Rs. 150 crore to its revenue, with a carpet sales area of roughly 1.62 lakh sq ft.
This initiative aligns with the trend of revitalizing older housing societies into modernized residential spaces, a concept that has gained traction in the Mumbai Metropolitan Region (MMR) and attracted renewed interest from potential homebuyers. Versova, as a location, has witnessed increasing demand over the past decade, a sentiment expected to strengthen further with upcoming infrastructure developments.
ARIIL's active involvement in redevelopment projects underscores its commitment to delivering high-quality housing solutions and capitalizing on the evolving real estate landscape in the dynamic Indian real estate market.
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