Ajmera Realty to invest Rs 7,000 cr to develop 2.3 million sq ft in Mumbai’s Wadala

Realty developer Ajmera Realty & Infra India Ltd is planning to invest around Rs 7,000 crore to develop around 2.3 million sq ft across residential and commercial projects in central Mumbai’s Wadala locality.

The investment is part of the company’s plan to unlock value of over Rs 12,000 crore from its land parcel in the locality over the next four-five years, said Dhaval Ajmera, director-corporate affairs, Ajmera Realty & Infra India.

The company has undertaken the second phase of its project Ajmera Manhattan with a gross development value (GDV) of Rs 1,750 crore and a carpet area of 5.4 lakh sq ft. In the second half of the ongoing financial year, it also plans to develop a boutique office project spread across 6 lakh sq ft with an estimated GDV of Rs 1,800 crore.


Ajmera Realty is also preparing to enter the uber residential segment from next financial year with a nearly 1.4 million sq ft project with an estimated GDV of Rs 5,700 crore. The subsequent phases of Ajmera Manhattan, covering 9 lakh sq ft, are projected to add GDV of Rs 3,200 crore.

The company has reported a 2% on-year rise in its net profit of Rs 71 crore for the first half of the current financial year, while revenue grew 20% to Rs 481 crore.

Operating profit for the period grew 6% to Rs 139 crore and collections increased 52% to Rs 454 crore. Sales value rose 48% to Rs 828 crore, driven by robust demand across new projects with 20% growth in sales volume to 293,016 sq ft.