Ajmera Realty signs residential projects in Bangalore and Mumbai
Real estate developer Ajmera Realty & Infra India (ARIIL) has signed two residential projects, one in Mumbai and Bengaluru. The projects have a cumulative gross development value (GDV) of Rs 470 crore. As per the information subsidiary of ARIIL, Anirdesh Developers has signed a development agreement with the landowner for an SRA redevelopment project situated on LBS Marg in Bhandup, Mumbai.
The area is spread across 6.8 acres of land, and the project has a sales potential of 1 million sq-ft, which will be developed in a phased manner. In Bengaluru, ARIIL SPV entered into a joint development agreement for a 69% stake, to develop a residential project in Bengaluru with the landowner.
Bangalore project boasts a total development potential of 2.43 lacs sq-ft and the land is located strategically in Electronic city phase 2.
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