Ajmera Realty and Infra India Ltd’s shares were up by 3.63 per cent after the company secured a residential redevelopment project for Balkrishan Co-operative Housing Society in Versova, Mumbai. The project, positioned near the Versova Metro Station, is anticipated to yield sales worth approximately ₹360 crore.

The company’s initiative is set to contribute to the region’s growth and property value appreciation. Primarily consisting of 3 BHK residential apartments spanning an estimated carpet area of about 90,700 sq ft, the project’s emphasis on modernisation and improved living standards aligns with ARIIL’s objective of expanding its presence in the redevelopment segment within the Mumbai Metropolitan Region (MMR).

Dhaval Ajmera, Director of ARIIL, said, “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.”

The shares were up by 3.63 per cent to ₹423.50 at 11.40 am on the BSE.