Ajmera Realty Acquires 5.5 Acres of Land at Electronic City-2
Ajmera Realty India Ltd (BSE:513349, NSE: AJMERA) has acquired 5.5 acres of land at Electronic City-2, Bengaluru through its wholly owned subsidiary. This land has the potential to develop 5.5 lakh sq ft of built up space and generate revenue of about Rs 300 cr in three years.
All statutory approvals are in place and this project may be launched by next quarter. Last week Ajmera Realty had launched a project of 7Lakhs Sq.ft. In addition to that, now the total area under development in Bengaluru, along with the existing projects is approx.14 Lakhs sq. ft., which will generate revenue of Rs.700 crores approx, over a period of 3 to 4 years.
Bengaluru is one of the key markets for Ajmera, where theyhave already developed and delivered 35Lakhs sq. ft. Ajmera is a market leader in Electronic City, where they have developed and delivered 20Lakhs Sq.ft.