Ajmera Realty Surges 10% as Q3 FY24 Sales Skyrocket

Ajmera Realty Surges 10% as Q3 FY24 Sales Skyrocket

VoM News Desk | January 11, 2024 | 01:31 PM IST | Breaking News | Follow on Google News

Ajmera Realty Surges 10% as Q3 FY24 Sales Skyrocket/Mint

Ajmera Realty Surges 10% as Q3 FY24 Sales Skyrocket

Ajmera Realty witnessed a remarkable surge, with its share price soaring over 10% to touch a 52-week high of ₹521.00 on the BSE. This surge was ignited by the company’s stellar performance in the third quarter of FY24, where total sales value skyrocketed by an impressive 98% year-on-year (YoY) to ₹253 crore. Collections also saw a robust increase, rising by 30% to ₹151 crore during the October-December period.

The surge in sales is attributed to sustained interest in key projects, notably Ajmera Manhattan and Ajmera Eden in Mumbai, alongside projects in Bengaluru, as indicated by a regulatory filing from Ajmera Realty. The company attributes this growth to ongoing infrastructure development projects, which have significantly influenced the upward trajectory of property prices. The demand surge is particularly notable in the mid-segment and premium housing categories, not only in Mumbai and the Mumbai Metropolitan Region (MMR) but also in Bengaluru.

Ajmera Realty further strengthened its portfolio by acquiring a residential redevelopment project in Versova, Mumbai. This project boasts a potential development area of 90,700 sq.ft. and a gross development value (GDV) of ₹360 crore. The company sees this move as a strategic step to diversify its offerings and progress towards achieving its ambitious 5x growth goal.

The positive market response aligns with the company’s anticipation of growing demand, fueled by ongoing redevelopment initiatives and metro expansions. As of 1:05 pm, Ajmera Realty shares continued to trade higher, marking a 6.47% increase at ₹502.20 apiece on the BSE. The company’s consistent performance and strategic acquisitions position it for continued success in the evolving real estate landscape.

VoM News Desk

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