Ajmera Realty eyes Rs 350 cr revenue
Ajmera Realty and Infra India Ltd has entered into joint development agreement to develop a housing project in Bengaluru. The same is having a revenue potential of about Rs 350 crore over the next four years. This project is named Ajmera Lugaano which is located at north Bengaluru.
In a BSE filing, the Mumbai-based developer said: “We have entered into joint development at Bengaluru, through our wholly owned subsidiary for developing 11 acres of land which has a potential to develop 7 lakh sq. ft., which may generate revenue of approx Rs 350 crore”.
The project has received all in-principle approvals and would be launched by the end of this quarter. “It will take three to four years of time span for completion and will cater to mid-segment housing residences,” the filing added.
Bengaluru is one of our key market, where we have already developed 35 lakh sq. ft. in one of the major technology hub Electronic city.