Ajmera Realty & Infra on Tuesday said it has acquired 1,721 square metres of land in Mumbai for Rs 42.5 crore to develop a housing project with an estimated sales revenue potential of Rs 250 crore.
In a regulatory filing, the company informed that its subsidiary Shree Yogi Realcon Pvt Ltd has acquired property from Tata Communications Limited.
The plot located at Pantnagar, Ghatkopar in Mumbai is owned by MHADA, while Tata Communication was the original lessee.
A tripartite agreement was signed on August 1, 2022.
When contacted, Dhaval Ajmera, Director- Ajmera Realty & Infra India Ltd, said: “Tata Communication was the original lessee from MHADA. We acquired their rights.”
The deal is valued at Rs 42.5 crore, he added.
Ajmera said the company would develop around 100 residential units in this project, which is estimated to generate a sales value of about Rs 250 crore over the next three years.
Mumbai-based real estate developer Ajmera Realty & Infra India Ltd said it will continue to widen its portfolio through its own land bank as well as the acquisition of new projects through Joint Venture (JV), Joint Development Agreement (JDA) and Development Management (DM) model.