Ajmera Realty soars as its arm acquires land parcel from Tata Communications!
Shares of the company gained more than 18% in the last six months.
Acquired a Land Parcel from Tata Communications
Ajmera Realty and Infra India’s 100% subsidiary -- Shree Yogi Realcon has acquired a land parcel admeasuring 5017 sq. mt. from Tata Communications in a bidding process for a total consideration of Rs 76 crore, on payment of earnest money. The acquisition is intended for the residential development offering 1/2/3 BHK, with an estimated gross sales value of Rs 550 crore.
Located in Vikhroli East, the upcoming project possesses a prime location with proximity to Airoli, Thane and South Mumbai, as it is located along the eastern express highway and within walking distance of the nearest Vikhroli railway station. With its strategic location and contemporary offerings, is a preferred residential choice for prospective buyers in the area. The land acquisition marks the initial step in the project, signalling the potential launch of this project in FY 2024.
The land acquisition is a part of Ajmera Realty's growth strategy, to continue broadening its scope in newer micro-markets across the Mumbai & MMR region, where residential sales have accelerated and are expected to grow further. The demand for quality homes and better lifestyles, coupled with infrastructure development, has led to new opportunities for growth in the housing sector, which Ajmera Realty is keenly exploring.
Share price movement of Ajmera Realty & Infra India Limited
Today, the stock opened at Rs 313.10, with a high and low of Rs 314.80 and Rs 295.15. The stock closed trading at Rs 299.05, down by 1.22%.
The stock has a 52-week high of Rs 396 and a 52-week low of Rs 210.65. The company has ROE and ROCE of 6.63 and 8.03 and a market capitalisation of Rs 1,061.18 crore.
Incorporated in 1985, Ajmera Realty and Infra Limited (ARIIL) is in the business of providing residential and rented commercial properties. The company has a presence in the cities like Mumbai, Bengaluru, and Ahmedabad in India as well as in foreign countries such as Bahrain and UK.
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