Ajmera Realty & Infra India Ltd on Tuesday said it will launch six projects in Mumbai and Pune during the next two financial years and it expects to generate sales worth Rs 4,000 crore.
In a regulatory filing, the company said it expects “to clock in sales worth around Rs 5,000 crore in the next 3-5 years from its future launches as well as its existing projects.”
The investment for all the six new projects will be funded through a mix of internal accruals, bank loans and advances from customers against sales.
Ajmera Realty & Infra will launch five new projects in Mumbai and one project in Pune. Among the upcoming projects in Mumbai, four will be residential and one will be a mix use category. In Pune, it will be a residential project.
The projects will be developed on the land parcels owned by the company. The cumulative estimated saleable area of the upcoming projects will be around 2.7 million square feet.
The company said it intends to move towards inorganic growth, through low capex acquisition in the form of joint venture and joint development agreement models.
Ajmera Realty expect to accrue revenue of about Rs 1,000 crore from its existing projects in Mumbai and Bengaluru, the filing stated.
Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd, said, “As Indian economy emerge from the disruption caused by the pandemic, the consumption led economy will take center-stage in the country.”
“The real estate sector has shown resilience that is evident from the monthly sales data of the key cities. Today, ownership of a residential unit in a well-maintained society with modern amenities is considered a basic need,” Ajmera added.
