Ajmera Realty on 12 September announced that it had secured the redevelopment project for 4 societies in Yogi Nagar, Borivali.
The company said in its regulatory filing that the original development of Yogi Nagar is a part of the legacy township project development. Four societies within this township are set to go under redevelopment, primarily consisting of residential apartments of 2 and 3 BHK flats, with an estimated carpet area of 1,07,000 square feet.
The project is set to generate sales of Rs 330 crore.
The project will launch by the first half of 2024 and will be completed within three and a half years.
Dhaval Ajmera, Director of Ajmera Realty, said, “This project will cater to the needs of the residents with revolutionary homes and a modern lifestyle, without compromising on their trusted vicinity. This step is in sync with our macro vision of the group to tap the potential of fastest-growing micro markets and focus on a good mix of redevelopment, JV /JDAs asset light acquisitions along with unlocking the owned land bank value. By enhancing our launch pipeline, we aim to further accelerate our 5-fold growth strategy to be delivered.”
The project is located in Borivali West and has a variety of educational, social, commercial, and healthcare amenities surrounding it, including an amusement park.