Shree Yogi Realcon, a 100% subsidiary of Ajmera Realty & Infra India, has acquired a land parcel admeasuring 5017m2 from Tata Communications in a bidding process for a total consideration of Rs 76 crore. The acquisition is intended for a residential development offering 1/2/3 BHK, with an estimated gross sales value of Rs 550 crores.
Located in Vikhroli East, the upcoming project is located in proximity to Airoli, Thane and South Mumbai. The land acquisition marks the initial step in the project, signaling the potential launch of this project in FY 2024.
Dhaval Ajmera, director, ARIIL, said, “This micro-market at Vikhroli is strategically well-located and holds immense potential, with a favorable market environment.”
This acquisition aligns with the 5x growth strategy and has expanded its launch pipeline for the current fiscal year to include four projects with the potential to generate an estimated total sales value of ~Rs 2570 crore.
