350 per cent returns: This multibagger real estate company bags new redevelopment project worth Rs 360 crore!

Shares of the company have gained about 30 per cent in the last six months.

Ajmera Realty & Infra India Limited (ARIIL) has undertaken the redevelopment of Balkrishan Co-operative Housing Society in Versova, Mumbai. This is a strategic move into a highly sought-after micro-market, drawing interest from homebuyers and notable individuals. The redevelopment is estimated to generate sales of Rs 360 crores and will primarily comprise 3 BHK residential apartments with an estimated carpet area of 90,700 sq. ft.

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The company recently also reported a 52 per cent YoY increase in sales value to Rs 252 crores in Q2 FY24. This was driven by the continued launch momentum of Ajmera Eden, strong demand across various segments and geographies, and the positive impact of the RBI's decision to pause rate hikes. ARIIL also acquired 3 new projects with a GDV of Rs 800 crores, including the redevelopment of 4 societies at Yogi Nagar, Borivali, an SRA redevelopment project at Bhandup, and a 69 per cent stake in a project at Electronic Phase 2, Bengaluru.

Ajmera Realty and Infra Limited (ARIIL) is in the business of providing residential and rented commercial properties. The company has a presence in the cities like Mumbai, Bengaluru, Ahmedabad in India as well as in foreign countries such as Bahrain and UK.

The shares of the company have gained about 350 per cent in the last three years and investors should keep a close eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.