Ajmera to invest Rs 300 cr in Bangalore realty space

BANGALORE: Real estate major Ajmera Group, part of the $450-million Mumbai-based Ajmera Group of Companies, is looking to expand its footprint in Bangalore in a big way. The company’s plans entail investing close to Rs 300 crore on residential developments in the city over the next two years.

To begin with, Ajmera will launch its premium residential offering Ajmera Arista in the city. Located at HRBR Layout, Arista comprises about 20-25 apartments with each unit priced upwards of Rs 1 crore. Further, the company proposes to develop an integrated township in Bangalore — Ajmera Infinity — in close proximity to the city’s IT hub. “The company has acquired an 18-acre patch at Electronic City for the township project. Initially, we intend to develop about 1.8 million square feet of residential space on the property, located 1 km from the Wipro campus,” said Dhaval Ajmera, director, Ajmera Group of Companies.

The group is also in the process of acquiring land in Bangalore for its future projects. “We have zeroed in on a couple of properties in and around the city. We expect to pick up the same in the next six-eight months, after which the group will double its current investment outlay, taking the total investment to roughly Rs 600 crore,” added Mr Ajmera. So far, the group has invested Rs 100 crore on real estate projects in Bangalore.

Infinity is the outcome of a new concept that’s doing the rounds at Ajmera — walk to work. “Commuting within the city is a major hassle these days; and we believe that the ‘walk to work’ concept would be the way forward. Our study revealed that the suburb currently has a shortage of about 4,000-5,000 apartment units. Therefore, it makes sense for us to launch our new concept here,” said Mr Ajmera.

The Ajmera Group forayed into south India in early 2006 with the launch of Ajmera Green Acres in Bangalore, a 5,00,000-square-foot development off Bannerghatta Road. Till date, the company has developed over 1,70,00,000 square feet of residential space across the country. Recently, Ajmera along with its Indian JV partner Mayfair Housing inked at agreement with Bahrain Bay Corporation to develop a $150-million mixed-use project coming up in the Bahrain Bay area.
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