Ajmera to Tap Bangalore Real Estate

June 18, 2007	(3 votes, average: 2 out of 5)  Loading ...
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Real estate major Ajmera Group is planning to carve out a substantial niche for itself in fast flourishing Bangalore real estate. In a bid to tap the same, the company will invest around Rs 300 crore to develop a residential project in the garden city over the next two years.

The Ajmera Group stepped into South real estate in early 2006 with the development of Ajmera Green Acres in Bangalore, a 5, 00,000 square foot construction which came in Bannerghatta district. The group has developed 1, 70, 00,000 square feet of residential space across the country.

In order to give a head start to its plans, the company will introduce a premium residential project soon. The project will be known as Ajmera Arista and come up at HRBR Layout. It would feature 20-25 apartments with the price of each unit hovering around Rs 1 crore.

Ajmera Group has also proposed to construct an integrated township in Bangalore - Ajmera Infinity which will be located in vicinity to the city’s IT hub. The company has already purchased an 18 acre of Electronic City for the development of the exclusive residential project.

The group is in the process to acquire more chunk of land in Bangalore. It expects to catch up the pace in the next six to eight months and envisages boosting its current investment outlay taking the total investment to roughly Rs 600 crore, says Mr. Ajmera.

Since, Bangalore is witnessing a shortage of 4000-5000 housing units; it makes sense to develop residential projects which would cater to demanding residential needs, adds Mr. Ajmera.

Ajmera Group has Mayfair Housing as its Indian JV partner. They have signed an agreement with Bahrain Bay Corporation to develop a $150 million mixed use real estate project in the Bahrain Bay Area.

News Published Under:   Bangalore, Real Estate Developers |

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