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Ajmera Luxe Realty Private Limited (ALRPL), a collaboration between Ajmera Realty & Infra India Limited (ARIIL) and Keystone Realtors Limited (Rustomjee), is set to execute a significant redevelopment venture in Bandra West, Mumbai. Both entities will hold a 50% stake in this joint project, anticipating a Gross Development Value (GDV) of Rs 760 crores. The primary objective is to deliver high-end residential apartments with an estimated carpet area of 130,000 sq. ft, creating a distinctive and premium offering in Bandra.
This strategic joint venture aims to leverage the combined strengths of Ajmera Realty and Rustomjee to present a unique product in the upscale Bandra locale, reinforcing their commitment to urban rejuvenation. Boman Irani, Chairman & Managing Director of Rustomjee, emphasized their success in transforming locations into top preferences for discerning buyers, particularly in Bandra. The collaboration seeks to provide residents with an elevated quality of life through upscale conveniences.
Dhaval Ajmera, Director of Ajmera Realty, underscores their unwavering commitment to transforming old housing societies into contemporary residential assets. Positioned to meet growing demand, they strategically diversify their portfolio across Mumbai's luxury landscape. The collaboration with Rustomjee in this Joint Venture marks a significant leap forward in achieving their overarching goal of 5x growth.
The venture reflects a broader trend in Mumbai's property market, with redevelopment and rehabilitation projects driving growth due to the city's limited vacant land parcels. The government of Maharashtra's decision to waive stamp duty for housing society members undergoing redevelopment, asking them to pay only Rs 100 as stamp duty, further incentivizes such projects.
Despite higher interest rates and rising property prices, the Mumbai property market set a record in 2023 with its best annual performance. This success is attributed to the robust demand for luxury, premium, and mid-income segment properties. The city has achieved new peaks in property registrations and state revenue collection through stamp duty charges.
In conclusion, the Ajmera Realty and Rustomjee collaboration represents a strategic response to Mumbai's evolving real estate landscape, aligning with market demands and government incentives for redevelopment projects, particularly in prime locations like Bandra. This joint venture positions both companies to harness their respective strengths and contribute to the city's urban rejuvenation and premium housing market.
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