1,07,000 sq. ft carpet area: This multibagger realty company secures redevelopment project for 4 societies at Yogi Nagar in Borivali; aims sales of Rs 330 crore!

The stock gave multibagger returns of over 340 per cent in just 3 years whereas BSE Sensex Index is up by 74 per cent.

As a major step towards the goal of attaining 5x growth, Ajmera Realty & Infra India Limited (ARIIL) (BSE: 513349, NSE: AJMERA), undertakes a redevelopment project at Yogi Nagar, one of the most acclaimed and prominent locations in Borivali West, Mumbai. The original development of Yogi Nagar holds a prominent place in the history of Ajmera Group, as it is a part of the legacy township project development. Now, four societies of this township are set to undergo redevelopment.

This project is estimated to generate sales of Rs 330 crore and will primarily consist of residential apartments of 2 & 3 BHK flats, with an estimated carpet area of 1,07,000 sq. ft. ARIIL aims to create a modern and sustainable living space that will redefine the landscape of the location. ARIIL has achieved a significant milestone by securing the redevelopment project for four societies of Yogi Nagar. This achievement comes as a result of obtaining a Letter of Intent from these societies, following the completion of all necessary formalities. This project is scheduled for launch in the first half of the calendar year 2024, with an estimated completion duration of three and a half years. This underscores ARIIL's unwavering dedication to delivering exceptional real estate experiences.

The commencement of new metro lines 2A and 7, with Borivali West Station being within walking distance from the project, has tremendously reduced the travel time to and from Western Express Highway and other western suburbs. This along with the upcoming Marine Drive-Kandivali Coastal Road, and the twin tunnel project, has made this micro market a preferred destination amongst business communities and working professionals.

Ajmera Realty and Infra Limited (ARIIL) is in the business of providing residential and rented commercial properties. The company reported amazing numbers in its Quarterly Results and annual results.  

On Wednesday, shares of ARIIL surged 2.46 per cent to Rs 378.35 per share from its previous closing of Rs 369.25. The stock gave multibagger returns of over 340 per cent in just 3 years whereas BSE Sensex Index is up by 74 per cent. Investors should keep an eye on this Small-Cap stock.

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