In what seems to be a giant leap, leading developer Ajmera Group is foraying into the overseas market. The developer is investing Rs. 1,400 crore in London and Bahrain to develop over 10 lakh sq ft of residential and commercial space as part of its overseas diversification.
“Our overseas foray is part of our diversification strategy to enter newer markets. We have tied up with local joint venture partners for both the projects,” Dhaval Ajmera, Director, told Business Line. “We have bought the land, while construction will be funded locally.”
In London, the Mumbai-based developer will bring up four projects at Bishop Avenue, Southall, Kingston and Liverpool. The projects will be in residential, commercial, affordable and student-housing category.
For the projects in London, Ajmera Group has collaborated with UK’s Equity Real Estate and Niveda Group. The projects in London are reportedly expected to be complete in the next 18-24 months.
In Bahrain, Ajmera has formed a 60:40 joint venture with Bahrain’s Mayfair Housing to develop the tallest residential tower called Golden Gate. The tower reportedly will have 746 apartments across 1,40,000 sqm of built-up space.
The project will be spread across 1.45 million square meters of land reclaimed from the Arabian Sea. This project is expected to take four years to complete.
With this move, Ajmera Group has joined other marquee developers namely Sobha, Lodha and Puravankara, to explore the overseas market in the backdrop of a slowdown in the domestic market. The overseas market, as per Ajmera, will give returns almost at par with the Mumbai market.
Back home on the domestic front, the BSE-listed firm is set to develop 20 lakh sq ft spread across different projects in different cities over next three years. The firm is developing two projects in Bengaluru’s Electronic City and Yelahanka and two in Mumbai at Malad and Wadala and one in Gujarat’s Rajkot.