Ajmera Realty & Infra India Ltd on Monday said it will invest Rs 110 crore to redevelop a housing society in Mumbai.
The company has executed a development agreement to undertake redevelopment of Fairyland Co-operative Housing Society, located at Juhu in Mumbai.
“The company will invest approximately Rs 110 crore to redevelop the housing project as part of its plan to expand footprint and build residential properties in key prime markets of Mumbai,” Ajmera Realty said in a statement.
The investment will be funded through a mix of debt and equity. The total sales value is estimated at Rs 150 crore.
Mumbai-based Ajmera Realty will construct 39 flats, of which 24 will be provided to existing tenants. The remaining 15 flats will be available for sale to new buyers.
The company’s director Dhaval Ajmera said: “A large number of the old buildings in Mumbai are beginning to see deterioration in their structures. There is an opportunity to re-purpose the old residential projects into new real estate assets with amenities and wellness quotient in accordance to the contemporary relevance.