Ajmera Realty & Rustomjee Partner to Jointly Redevelop A Society in Bandra, Aims for GDV of ~INR 760 Crore
Key Highlights:
- Acquired a redevelopment project in Bandra West through the execution of a Development Agreement between the society and Ajmera Luxe Realty Private Limited (ALRPL), a joint venture between Ajmera Realty and Rustomjee.
- Aims for an estimated GDV of INR 760 Crore.
Mumbai, 18th January 2024: Ajmera Luxe Realty Private Limited (ALRPL), a joint venture between Ajmera Realty & Infra India Limited (ARIIL) (BSE: 513349, NSE: AJMERA) and Keystone Realtors Limited (Rustomjee) (BSE: 543669, NSE: RUSTOMJEE), will execute a redevelopment project in Bandra West. Both companies will hold a 50% stake in the project, which is expected to generate a Gross Development Value (GDV) of INR 760 crores. The project endeavor aims to deliver premium luxury residential apartments with an estimated carpet area of approximately 130,000 sq. ft for sale.
The core objective of this collaboration is to present a distinctive and premium offering in the upscale locale of Bandra. By leveraging the collective strengths of Ajmera Realty and Rustomjee, the JV aims to deliver a unique product that stands out in the market. This strategic joint venture will enable both companies to harness their respective capabilities, combining expertise and resources to fulfill commitment to excellence Bandra, being one of the most prestigious locations for homeownership, is poised to witness a surge in housing demand, further accentuated by concurrent infrastructure projects within the city.
Mr. Boman Irani, Chairman & Managing Director, Rustomjee, said, “At Rustomjee, we have been transforming locations into top preferences for discerning buyers. Bandra has been one of the key markets where we have delivered multiple marquee projects. We aim to provide residents with an elevated quality of life through upscale conveniences. Urban Rejuvenation or Redevelopment as a format has worked well for us and reflects homebuyers’ trust in the brand ‘Rustomjee’. This partnership with Ajmera Realty serves to reinforce our dedication to this mission. It establishes a symbiotic relationship benefiting the city, existing homeowners, and potential buyers alike.”
Mr. Dhaval Ajmera, Director – Ajmera Realty said, “Our unwavering commitment to elevating aging housing societies into a contemporary residential asset class, offering our customers a premium lifestyle, remains a driving force. Positioned to seize the growing demand, we strategically diversify our portfolio across Mumbai's luxury landscape. This entails fortifying our position and aligning with the company's long-term growth strategy, centered on low-capex acquisitions, contributing to our overarching goal of achieving 5x growth. The collaboration with Rustomjee in this Joint Venture for redevelopment marks a significant leap forward in fulfilling this commitment.”
.jpg)
