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Ajmera Realty’s Bengaluru project sees 37% bookings at launch

Nov 07, 2024 03:32 PM IST

The project - Ajmera Iris - is located in southern Bengaluru’s Electronic City, Phase 2 area and comprises a total of 215 two and three BHK housing units

Mumbai-based real estate developer Ajmera Realty & Infra India Ltd sold 37% of the inventory in its latest residential project in Bengaluru within a week of its launch, the company said in a statement.

Mumbai-based real estate developer Ajmera Realty & Infra India Ltd sold 37% of the inventory in its latest residential project in Bengaluru within a week of its launch, the company said in a statement. (Representational photo)(Pixabay)
Mumbai-based real estate developer Ajmera Realty & Infra India Ltd sold 37% of the inventory in its latest residential project in Bengaluru within a week of its launch, the company said in a statement. (Representational photo)(Pixabay)

Ajmera Realty sold 59,000 square feet out of the total 1.59 lakh square feet in the said project - Ajmera Iris in Electronic City, Phase 2 - for a value of 60 crore, the statement said.

Also Read: Bengaluru tops housing sales and launches pan India in Q2 2024, 1-3 crore homes capture 63% of new launches

Spread across 4.5 acres, the project includes 11 towers comprising B+G+4 floors each and a total of 215 2 BHK and 3 BHK units. It also comprises two clubhouses, swimming pools and over 25 lifestyle amenities.

The project is expected to come to completion in December 2026, Ajmera Realty said in response to HT.com’s query.

Also Read: Why are real estate developers making a beeline for Mumbai and Bengaluru markets?

Strategically located near major infrastructure like Hosur Road and the Bengaluru Metro-Rail Network, Ajmera Iris combines proximity to top MNCs and IT hubs, the company statement noted.

Commenting on the launch, Dhaval Ajmera, director, Ajmera Realty & Infra India Ltd, said: “The real estate market of Bengaluru is witnessing a significant rise in demand for quality and spacious living, driven by a robust job market and strong purchasing power in the Startup Hub of India.”

Also Read: Concorde launches housing project with 450 crore revenue potential in Bengaluru

“The idea to launch Ajmera IRIS is influenced by this upbeat sentiment among homebuyers and investors alike. We have witnessed a tremendous response and recorded stellar pre-sales within a matter of days of the launch. A strategic expansion of our portfolio in this micro-market, this venture is in line with our guidance for the year and is a strong testimony to our ambitious 5x growth,” he added.

Business performance

Ajmera Realty & Infra India Limited on October 28 reported a 57% increase in its consolidated net profit to 35.35 crore in the September quarter. Its net profit stood at 22.53 crore in the year-ago period.

According to the company’s investors’ presentation, Ajmera Realty & Infra India Ltd has delivered projects spanning over 20 million square feet over a course of 55 years. The brand presently has projects with a footprint of more than 1 million square feet under various stages of development.

Also Read: Diwali 2024: Bengaluru real estate developers gear up for new project launches; offers and discounts take a backseat

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