Ajmera Realty plans redevelopment of Versova, targets Rs 360 cr in sales

Ajmera Realty & Infra India Limited (ARIIL), a listed real estate developer, has announced its plans to redevelop the Balkrishan Co-operative Housing Society in Versova, a western suburb of Mumbai. The company aims to generate Rs 360 crore in sales from a carpet area of 90,700 sq ft.
Located just a two-minute walk from Versova Metro Station, the redevelopment project is expected to yield substantial returns. The development will primarily feature 3 BHK residential apartments, making the most of its advantageous location.\
The company highlighted the project’s strategic location, emphasizing its easy access to a wide range of amenities, including quality healthcare and educational institutions, thriving commercial centers, and recreational options.
Dhaval Ajmera, Director of ARIIL, noted, “Redevelopment and repurposing of old housing societies into modernized residential asset classes have gained significant prominence in the Mumbai Metropolitan Region (MMR), opening doors to new opportunities driven by a growing interest from homebuyers. Versova, as a location, has witnessed significant demand over the past decade, and with upcoming infrastructure projects, this trend is set to strengthen further.”
In addition to this project, the company secured a redevelopment contract for four societies in Yogi Nagar, Borivali, Mumbai, in September. This redevelopment project is expected to generate sales of Rs 330 crore.