January 12, 2024: Real estate company Ajmera Realty & Infra (ARIIL) India announced its operational numbers for the third quarter of the current fiscal (Q3FY24).
The company demonstrated growth in Q3 FY24 with a 63% YoY increase in sales area, which totals to 1,03,573 sqft and an equivalent sales value of Rs 253 crore. Despite limited inventory, the company’s overall project performance remained strong. The 98% YoY growth in sales value came on the back of interest in the company’s key projects, Ajmera Manhattan and Ajmera Eden in Mumbai, as well its projects in Bangalore.
Performance summary- Q3 & 9MFY24
| Particulars | Q3FY24 | Q3FY23 | YoY | Q2FY24 | QoQ | 9MFY24 | 9MFY23 | YoY |
| Carpet area sold (sq. ft.) | 1,03,573 | 63,595 | 63% | 1,20,787 | -14% | 3,59,820 | 3,01,010 | 20% |
| Sales Value (INR Cr) | 253 | 128 | 98% | 252 | 1% | 730 | 694 | 5% |
| Collection (INR Cr) | 151 | 116 | 30% | 111 | 37% | 373 | 429 | -13% |
Dhaval Ajmera, director, Ajmera Realty & Infra India, said, “As we exit Q3 FY24, we are firmly on course to achieve our sales goal of Rs 1,000 crore for this fiscal. The real estate sector has recently witnessed a noteworthy upturn, with the index reaching a 15-year high. This momentum was fueled by a record number of property registrations in Mumbai and the MMR region. This surge is propelled by substantial infrastructure development projects that are driving an upward trend in property prices.
We are experiencing an elevated demand for mid-segment and premium homes, a market segment that aligns with our specific offerings. There are myriad positive factors spearheading the demand for residential housing, not just in Mumbai and MMR, but in Bengaluru as well.
Securing a redevelopment project in Versova with an expected sales value of Rs 360 crore strengthens our portfolio and widens ARIIL’s market appeal.
Given the ongoing redevelopment and metro expansions, we anticipate growing demand. This move underscores our commitment to diversification and progress towards our 5x growth goal.”
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With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
Email: anuradha.ramamirtham@housing.com
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