Real estate developer Ajmera Realty is investing ₹1,400 crore in London and Bahrain to develop over 10 lakh sq ft of residential and commercial space as part of its overseas diversification.

“Our overseas foray is part of our diversification strategy to enter newer markets. We have tied up with local joint venture partners for both the projects. We have bought the land, while construction will be funded locally,” Dhaval Ajmera, Director, told BusinessLine.

In the domestic market, the BSE-listed firm will develop 20 lakh sq ft spread across projects in Bengaluru, Mumbai and Rajkot over the next three years.

Project mix

The overseas markets, he said, will give returns almost on par with the Mumbai market. The four projects in London, at Liverpool, Bishop Avenue, Southall and Kingston, are in mixed categories covering residential, commercial, affordable, student housing and ultra luxurious. For these, Ajmera has collaborated with UK’s Equity Real Estate and Niveda Group. “These projects will be completed in 18-24 months,” he said.

Ajmera has formed a 60:40 joint venture with Bahrain’s Mayfair Housing to develop the tallest residential tower there called Golden Gate with 746 apartments across 1,40,000 sq m of built up space.

The company expects to complete the project in about four years.

Domestic slowdown

With this, Ajmera joins other marquee developers such as Sobha, Lodha and Puravankara, looking overseas in the backdrop of a slowdown in the domestic market.

Ajmera Realty is developing two projects in Bengaluru’s Electronic City and Yelahanka and two in Mumbai at Malad and Wadala and one in Gujarat’s Rajkot. “We own the land in Rajkot and one of the land parcels in Bengaluru too. The second project in Bengaluru is on a joint development basis with a revenue-sharing arrangement with the land owner,” Ajmera said.

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