Ajmera Realty & Infra India Ltd (ARIIL) has repositioned itself in the market. Buoyed by the recent surge in real estate demand, the company has charted out an ambitious growth plan. The Mumbai-based developer, a trusted player in the real estate landscape with a rich legacy dating back to 1968, is making rapid strides to attain its 5x growth milestone in the next few years. The company, which has developed 20 million sq ft of space across residential and commercial segments, delivering 46,000 units so far across Mumbai, Bengaluru, Pune, and Ahmedabad, has witnessed its sales multiplying in recent years. Amidst a booming residential market post-Covid, ARIIL’s sales value almost doubled in FY23 to Rs842 crore from Rs431 crore in FY22. In FY24, sales grew by 21 per cent to Rs1,017 crore. During the first nine months of the current fiscal year, the company clocked sales of Rs830 crore as against Rs730 crore in the same period in FY24.
“In the current fiscal year, we have encountered some challenges in terms of delayed approvals and issues pertaining to environmental clearance, which have impacted our new launches. Against our planned 7-8 projects, we have so far launched around two – one each in Mumbai and Bengaluru. However, going forward, we intend to catch up by launching 3-4 projects. We are well on course to accomplish our strategic vision of 5x growth, pursuing multiple models, including greenfield developments and inorganic asset-light models. The combination of these models has helped us leverage market opportunities quite effectively,” says Dhaval Ajmera, 44, director, ARIIL.
The company, known for its customer-centric approach and impeccable track record of quality and timely delivery of projects, boasts an enlarged portfolio of 14 million sq ft, with over 1.1 million sq ft (seven projects) of ongoing developments in Mumbai (five projects) and Bengaluru, with a revenue potential of Rs1,721 crore. These projects will be executed over approximately 24 months. Moreover, ARIIL has 1.7 million sq ft (seven projects; six in Mumbai) of upcoming developments in these two locations, with a gross development value of around Rs4,270 crore.
The developer has also created a vast land bank with 11.1 million sq ft of development potential in Mumbai. Situated primarily in two locations – Wadala (around 3.15 million sq ft) and Kanjurmarg (7.9 million sq ft), the development will be carried out in a phased manner over 4-7 years, comprising segments such as township, residential, commercial, and mixed-use developments.
While pursuing its 5x growth trajectory, the company is also looking to increase the share of the commercial component in its portfolio to around 30 per cent from the current 20 per cent. However, the residential segment (currently 80 per cent) will remain its key growth driver. Notably, all projects launched by ARIIL since FY23 aim for green building certification. In FY24, the company proudly became a founding member of the Indian Green Building Council (IGBC). As part of its commitment to sustainability, it has initiated the green building certification process for all its ongoing projects.
Raising growth fund
In FY24, ARIIL successfully secured credit facilities (structured deal) totalling Rs500 crore from two leading financial institutions: Standard Chartered Bank and ICICI Bank. These funds are being utilised for the execution of Ajmera Manhattan, a luxury residential project situated in Wadala, Mumbai. Additionally, Rs200 crore has been used for the partial prepayment of the GCP loan availed from HDFC Bank.
In the current fiscal year, the company has onboarded marquee investors in its equity raise of Rs225 crore on a preferential allotment basis and successfully closed its maiden private equity deal with domestic institutional investors. This has enabled the company to repay Rs100 crore of its corporate debt, reducing its outstanding debt from Rs793 crore to Rs693 crore (as of Q2 FY25). “Despite aggressive business activities, the company has been efficiently managing and improving its debt profile with sustained positive momentum, and this development comes as a significant boost towards debt reduction. Along with this, ARIIL plans to use the equity fund to accelerate project launches and further strengthen its corporate functionalities,” says Dhaval Ajmera.
“Ajmera Realty is among the prominent brands in the Indian real estate landscape, with a strong legacy of over half a century. They have played a notable role in shaping urban landscapes in Mumbai and other cities, with premium residential, commercial, and mixed-use projects. Ajmera favours high-grade, sustainable architecture, which has helped them retain relevance over the past few years. It is among the quintessential lifestyle brands that emphasise modern designs and state-of-the-art amenities. Through recent key strategic decisions, Ajmera has demonstrated its forward-thinking leadership and intention to remain a leading value creator in the Indian real estate sector,” says Anuj Puri, Chairman, ANAROCK Group.
Over the years, ARIIL, known for creating iconic developments, has delivered landmark projects, setting new benchmarks in quality and innovative technology. As pioneers in township development, the company takes pride in building several milestone projects in the Mumbai Metropolitan Region (MMR), including Shanti Nagar (17,000 homes) in Mira Road, Shastri Nagar in Andheri, Yogi Nagar in Borivali, and Ajmera I-land in Wadala. In MMR, it has developed 13.4 million sq ft of projects with 11.1 million sq ft of future development potential.
A trusted player
“Today, ARIIL proudly stands as a trusted leader in the Indian real estate landscape, with a rich legacy dating back to 1968. Our commitment to delivering unparalleled value to homeowners distinguishes us within this intensely competitive sector. Harnessing decades of dedicated service, we thrive on a strong foundation meticulously built on the pillars of a diverse portfolio, an extensive land bank, and vibrant communities, each playing its part in accelerating our growth momentum. Since our inception, excellence in service has been our guiding principle, which translates into our township development. Our pursuit of surpassing industry milestones is evident through our remarkable accomplishments and groundbreaking landmarks,” states Manoj Ajmera, 62, managing director, ARIIL.
“As a company, we are resolutely committed to achieving our ambitious 5x growth trajectory, diligently outlining strategies to seamlessly forge the exhilarating journey ahead. With unwavering determination and tactical planning, we stand ready to seize emerging opportunities, drive innovation, and elevate our organisation to new heights of success and accomplishment,” adds the CMD.
ARIIL, aiming to achieve a 5X growth trajectory, is strategically building a robust pipeline for future growth, harnessing a balanced and sustainable approach that combines organic and inorganic strategies. Through an organic approach, it is unlocking the potential of its owned land bank in Mumbai, which has the capacity for 11.1 million sq ft of development. The company currently holds a 66-acre land parcel in Kanjurmarg and 100 acres in Wadala. Out of the total launch pipeline of 1.7 million sq ft with a GDV of over Rs4,270 crore, the company expects to generate over 50 per cent of the GDV by unlocking its land bank in Kanjurmarg and Wadala (one project in each location), while the other half will accrue from the company’s asset-light strategy, where it executes projects through a combination of models such as joint ventures (JVs), joint development agreements (JDAs), development agreements (DAs), and redevelopment models.
The company has acquired six projects as part of its asset-light models. These are located in Vikhroli, Bhandup, Versova, Yogi Nagar, and Bandra in Mumbai, as well as Electronic City – Phase 2 in Bengaluru. In Mumbai, the company has partnered with Keystone Realtors Ltd (Rustomjee) for a 50/50 redevelopment project in Bandra (West). This collaboration aims to offer a premium living experience in Bandra, leveraging the strengths of both ARIIL and Rustomjee to create a standout product in the market. Additionally, the company has secured redevelopment projects for four societies in Yogi Nagar, Borivali, and a key society redevelopment in Versova, Mumbai.
“Through an organic approach, we are unlocking the potential of our owned land bank in Mumbai. We have streamlined the development process to introduce phases according to market dynamics, ensuring greater agility and responsiveness. On the other hand, the inorganic approach allows us to aggressively expand in established markets with strong brand recognition. The strategic locations of our properties and land banks offer a significant advantage in today’s world, where access to mobility is the key to an enhanced quality of life,” says ARIIL Chief Ajmera.
Strong legacy
Ajmera, a civil engineer by qualification, arrived in Mumbai in the early 1970s from Rajkot, Gujarat, where his father was an advocate. He joined his elder brother, Chotalal Ajmera, who, after being in the steel fabrication business for a few years, had moved into real estate in 1965. Chotalal Ajmera was Chairman of the Ajmera Group until he passed away in March 2012 at the age of 75.
After his brother, Ajmera has been the flagbearer of the Ajmera Group and continues to be the guiding force behind the company’s growth. Under his strong and visionary leadership, the real estate business has grown remarkably. He served as President of CREDAI and CREDAI MCHI. During his tenure, he was instrumental in bringing amendments to various industry regulations and remains actively involved in the MCHI Grievance Redressal Cell. Over his 54-year career, Ajmera has played an advisory role in various management and educational institutions across Mumbai and Pune.
Ajmera is aptly supported by his nephew, Manoj Ajmera, who continues to shoulder the responsibility of strategic planning, fundraising, and overseeing the overall growth and development of the company. With over 42 years of experience and pragmatic decision-making abilities, he has played a crucial role in the company’s evolution as its Managing Director.
Dhaval Ajmera, son of ARIIL Chief Ajmera, is today a key member of the core management team. As Director of the company, he has elevated its 55-year legacy to new heights. His strategic thinking and commitment to excellence have significantly contributed to the company’s ongoing 5x growth strategy. Under his leadership, the company has also expanded its footprint internationally, reaching markets such as London and Bahrain. An MBA in Finance from Cardiff University in the UK, Dhaval has risen quickly through the ranks. He now oversees strategic planning, business development, liaising, investor relations, public relations, marketing, and sales. He actively participates in various industry associations, including CREDAI.
Meanwhile, all of ARIIL’s ongoing projects are progressing well. The flagship residential project, Ajmera Manhattan (carpet area: 4.98 lakh sq ft), located in Wadala, Mumbai, has seen over 85 per cent of its inventory sold, with the next phase expected to launch soon. The project offers compact luxury residential apartments with 2 and 3 BHK configurations. Equipped with modern amenities, it is a perfect blend of luxury living and comfort, designed to offer residents a sophisticated lifestyle at the heart of the city. The project is making significant progress, with Tower B completed up to the ninth level and Tower A up to the eighth level. The RERA completion timeline for this project is June 2027.
The company has launched the next phase of Ajmera Greenfinity and has sold 59 per cent of its inventory. Regarding construction status, Towers A and B have been completed up to the second level. The affordable residential project (carpet: 92,000 sq ft) is located amid acres of greenery in Wadala, Mumbai. It offers residents the opportunity to experience a pristine lifestyle while basking in nature’s glory. This project bears the hallmark of the company’s fast-track execution capabilities, with its superstructure completed in just 13 months. The estimated project timeline, as per RERA, is August 2027.
Diversified offering
Ajmera Eden in Ghatkopar, Mumbai, has seen about 69 per cent of its inventory sold, with the 14th-floor slab completed, which is nearly the last slab of the building. The upcoming premium residential project (95,700 sq ft) is situated on newly acquired land with all necessary approvals. It offers a range of 2, 3, and 4 BHK units, all featuring top-notch amenities. With excellent connectivity providing easy access to key destinations, Ajmera Eden is committed to delivering an exceptional residential experience. The estimated project timeline as per RERA is
June 2027.
Ajmera Prive is ARIIL’s first redevelopment residential project (carpet: 30,600 sq ft), offering premium living spaces. With its brilliant design, high-quality construction, and top-notch security features, it caters to those seeking an elite lifestyle. Nestled in a prime location in Juhu, Mumbai, this project provides an exclusive and tranquil environment for residents to indulge in a sophisticated lifestyle. The structure and framework, along with plastering, have been completed, and 69 per cent of its inventory is already sold. The RERA timeline for this project is June 2026.
The newly launched affordable residential project, Ajmera Vihara (carpet: 1.55 lakh sq ft) at Bhandup in Mumbai, has had a successful launch in Q1 2025, with over 60 per cent of the inventory that was released already sold.
In Bengaluru, the company has re-launched its affordable residential projects—Lugano and Florenza—as Destination Lakeside Paradise. The re-launched projects, with a combined area of 2.60 lakh sq ft, have sold over 90 per cent of their inventory. The destination offers experiential living with proximity to the city’s epicentres and abundant amenities. Florenza has a RERA timeline of September 2025, while Lugano is set for September 2026.
“We remain committed to delivering all our projects well ahead of the committed RERA timelines. Looking ahead, we are more than confident of achieving our strategic vision of 5x growth. We have an exciting year ahead with potential launches covering 1.7 million sq ft, with a gross development value of over Rs4,200 crore,” says Dhaval Ajmera.
With these developments in place, ARIIL is well-positioned to achieve its 5x growth trajectory in the next 2-3 years. The company, with over five decades of experience and a track record of delivering more than 20 million sq ft of projects and over 46,000 homes, has recently revisited its strategy to effectively explore emerging opportunities in the market. Backed by a land bank of 11.1 million sq ft in Mumbai, the company is looking to scale up its operations through a combination of organic and inorganic expansions. This approach will allow it to expand its portfolio in a more asset-light manner. Over the years, ARIIL has built a strong brand with its customer-centric approach, which will continue to differentiate it from other players in the market.