Ajmera Realty will give Balkrishna Cooperative Society new life, bringing Rs. 360 crore in sales.
The landscape of Versova, Mumbai, will undergo a significant transformation as Ajmera Realty & Infra India (ARIIL) redevelops Balkrishna Cooperative Housing Society.
This project is poised to generate Rs. 360 crore in sales, focusing on creating spacious 3 BHK residential apartments with an estimated area of around 90,700 sq. ft.
Dhaval Ajmera, the company’s director, remarked, “Redeveloping old housing societies into modern residential wonders is gaining attraction in the Mumbai Metropolitan Region, offering fresh opportunities and a ray of enthusiasm among potential homeowners. As we map ARIIL’s growth, this redevelopment venture marks a big move toward achieving massive expansion through joint ventures, development agreements, and smart acquisitions.”
In another development, Anirdesh Developers, a subsidiary of ARIIL, inked a development agreement in September 2023, seizing an opportunity for an SRA redevelopment project on LBS Marg in Bhandup, Mumbai. Spanning over a 6.8-acre expanse, this project has immense sales potential, estimated at around 1 million sq. ft., to be realised in stages.
The debut phase, an estimated 1.7 lakh sq. ft. in size, carries a gross development value of about Rs. 320 crore and is slated for a grand opening in December 2023. The project offers a development potential of approximately 2.43 lakh sq. ft. The Special Purpose Vehicle (SPV) anticipates a substantial revenue of around Rs. 150 crore, offering an area of roughly 1.62 lakh sq. ft.