Ajmera Realty Acquires ₹51 Crore Land in Ghatkopar East for Luxury Housing, Targets ₹175 Crore GDV
Ajmera Realty & Infra India Ltd (ARIIL) has acquired a 1,341.1 square meter land parcel in Mumbai's Ghatkopar East for ₹51 crore. The company plans to develop a residential project on the site, with an estimated gross development value (GDV) of ₹175 crore.
The acquisition was secured through a bidding process with KJ Somaiya Trust. The company has completed the initial financial commitments, including the earnest money deposit, and has signed a memorandum of understanding (MoU). The project is expected to yield a carpet area of approximately 44,000 square feet.
Dhaval Ajmera, Director of Ajmera Realty & Infra India Ltd, stated that this purchase supports the company’s long-term expansion goals. He emphasized that Ghatkopar is an attractive micro-market for homebuyers in the eastern suburbs, and this outright acquisition, backed by strong cash flow, aligns with the company's growth strategy.
Strategic Expansion in Central Mumbai
Ajmera Realty sees this acquisition as part of its broader plan to strengthen its presence in Mumbai’s real estate market. Ghatkopar East is a well-developed locality with demand for high-end residential projects. The company aims to meet this demand by launching a project that caters to homebuyers seeking well-designed living spaces in a central location.
Dhaval Ajmera highlighted that the acquisition is designed to meet the increasing demand for premium living spaces while expanding the company's footprint in the rapidly developing eastern suburbs of the city. He emphasized that this strategic move aligns with their goal of achieving fivefold growth, reinforcing their commitment to delivering value to stakeholders and capitalizing on emerging opportunities in the real estate sector.
Demand and Market Trends in Ghatkopar East
Ghatkopar East is known for its connectivity and infrastructure, making it a preferred location for homebuyers. The area has seen sustained demand for premium residential projects due to its proximity to business districts, educational institutions, and retail centers.
Local brokers estimate that the per square foot price of apartments in Ghatkopar East ranges from ₹25,000 to ₹33,000, depending on factors such as building age and location. Rental rates for a 2 BHK apartment in the area typically fall between ₹45,000 and ₹70,000 per month.
The company anticipates strong buyer interest in the upcoming project, given the rising demand for larger apartments with modern amenities in well-connected locations.
Mumbai’s Real Estate Market and Recent Land Deals
Ajmera Realty’s decision to invest in this land parcel reflects its strategy to secure prime locations for future developments. The company has been actively acquiring land in key areas to develop projects in line with changing buyer preferences.
The acquisition comes amid a series of high-value land transactions in Mumbai. Developers are focusing on premium and luxury housing projects due to sustained demand from high-net-worth individuals and homebuyers seeking upgraded living spaces.
Recent transactions in Mumbai’s real estate sector include:
- Panasonic Life Solutions India’s purchase of land in Andheri for ₹160 crore.
- K Raheja Corp’s acquisition of a 5.75-acre plot in Kandivali for ₹466 crore.
These deals highlight continued investor confidence in the city's residential real estate sector. Ajmera Realty’s latest move reinforces its commitment to acquiring strategic land parcels and developing projects that align with market demand.
With the legal and financial groundwork completed, Ajmera Realty is expected to proceed with project planning and regulatory approvals before launching sales. The company aims to introduce a well-positioned residential project that meets the demand for high-end living in Ghatkopar East.
Image source- freepik.com
