Shares of Ajmera Realty & Infra India soared 13.48% to Rs 574.65 while that of Keystone Realtors rose 1.07% to Rs 704.85 on the BSE.
Both companies will hold a 50% stake in the project, which is expected to generate gross development value (GDV) of Rs 760 crore. The project aims to deliver premium luxury residential apartments with an estimated carpet area of approximately 130,000 sq. ft for sale.
The core objective of this collaboration is to present a distinctive and premium offering in the upscale locale of Bandra. By leveraging the collective strengths of Ajmera Realty and Rustomjee, the JV aims to deliver a unique product that stands out in the market.
Boman Irani, chairman & managing director of Rustomjee, said, “Bandra has been one of the key markets where we have delivered multiple marquee projects. This partnership with Ajmera Realty serves to reinforce our dedication to this mission. It establishes a symbiotic relationship benefiting the city, existing homeowners, and potential buyers alike.”
Dhaval Ajmera, director at Ajmera Realty said, “Positioned to seize the growing demand, we strategically diversify our portfolio across Mumbai's luxury landscape. This entails fortifying our position and aligning with the company's long-term growth strategy, centered on low-capex acquisitions, contributing to our overarching goal of achieving 5x growth. The collaboration with Keystone Realtors in this joint venture for redevelopment marks a significant leap forward in fulfilling this commitment.”
Ajmera Realty & Infra India has a PAN India presence along with an international presence. The company is focused on premium developments in luxury and mid-luxury projects in the residential segment. The company has a huge development potential available on its balance land parcel at Ajmera I-Land, Bhakti Park, Wadala and Central Mumbai.
Keystone Realtors is one of the prominent real estate developers in Mumbai Metropolitan Region (MMR).