October 17, 2023: Ajmera Realty & Infra India (ARIIL) has undertaken redevelopment of the Balkrishan Co-operative Housing Society based in Versova, Mumbai. Located at a two-minute walking distance from the Versova Metro Station, the redevelopment is estimated to generate sales of Rs 360 crore and will primarily comprise 3 BHK residential apartments with an estimated carpet area of 90,700 sqft.
ARIIL’s redevelopment project in Versova, Mumbai signifies a strategic move into a highly sought-after micro-market, drawing interest from homebuyers and notable individuals, including business leaders and celebrities. This emerging area, benefitting from redevelopment efforts and convenient metro access, is poised for substantial growth in both demand and property values.
Dhaval Ajmera, director, ARIIL, said, “Redevelopment and repurposing old housing societies into modernised residential asset classes has gained significant prominence in MMR, thus opening doors to newer opportunities backed by redefined interest from homebuyers. Versova as a location has gained momentous demand in the last decade. Given the upcoming infrastructure projects, this sentiment will only strengthen further.
This project will provide a lifestyle upgrade and lucrative value appreciation on the existing residential assets to the residents and quality urban living to new homebuyers. As we chart the perceived growth of ARIIL, this redevelopment project represents a strategic step towards achieving the 5x growth through JV / JDA / low capex acquisition via inorganic strategy.”
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