Mumbai based listed realty developer Ajmera Realty and Infra India Ltd. (ARIIL) announced that it has executed its commercial and residential Bengaluru Nucleus project which has an estimated sales value of INR 330 crores, part of the main periphery project in the Electronic city phase 2. In a bid to expand its housing and commercial portfolio, ARIIL strengthens its presence in south market. The entire project is funded by Internal Accruals & Debt with a saleable area of 5, 57,870 sq. ft.
| Commercial Project: Total Saleable Value- 1, 27,645 sq. ft | Total Land Area- 45,542 sq. ft|
With a vision to build the future, the strength of Nucleus lies in vigour of its walls and the sturdiness of its foundation. Right from design aesthetics to the formidable materials, this project echoes future anticipation. The company is strategically planning to move from rental based cash flow model to an outright sale model for the commercial project, which shall unlock its value upfront and contribute sharply towards the revenue and cash flow for the company.
Ø Total number of units: An office building contains 8 floors and has 1 office on each floor with an approximate sale price of the project INR 8000+ per sq ft.
Ø OC Date: Expected by May 2022
|Commercial||Total units||Total Saleable Area||Profile of the Occupiers|
The office space is available in two sizes: 13, 200 sq ft and 21,450 sq ft
|1,27,645 sq. ft||IT/ ITES|
A&B: Total Saleable Value- 2,79,873 sq.ft | Total Land Area- 1,21,792 sq.ft
C: Total Saleable Value- 1,50,355 sq.ft | Total Land Area- 54,565 sq.ft
Spread across 5 acres of bountiful land, this space aims to revolutionise living conditions. Nucleus offers freedom of space and the joy of well-maintained architectural beauty.
Ø Total number of units: 360 units spread across tower A&B, and C, 14 floors each tower
Ø Availability of size: 1BHK, 2BHK and 3BHK with an average sale price of the project INR 5600 per sq ft.
Ø Amenities: Club house consisting of party hall, shuttle court, Gym, TT, billiards, football, Indoor games along with swimming pool with change rooms, Landscaped with lush green plants, Skating rink, Children play area, informal seating, Lifts with ARD, DG back up, 100% back up for lifts and other common areas, car charging points and alongside other technological advancements.
Ø OC Date: A&B is a complete structure, expecting OC by May 2022. Tower C is being developed an estimated to be completed by December 2023.
RESIDENTIAL COMPLETION STATUS as of Q3 FY 22:
|Towers||Total Units||Completion||Sold area||Unsold area|
|A& B||224||88%||2,23,926 sq. ft.||55,947 sq. ft.|
|C||136||35%||16,406 sq. ft||1,33,949 sq. ft.|
Mr. Dhaval Ajmera, Director of Ajmera Realty and Infra India Ltd said, “The business objective of Ajmera Realty is to grow exponentially in the year FY’23. The projects in Bengaluru will have similar growth impetus to our home city, Mumbai. Bengaluru has been at the forefront of receiving institutional capital for both commercial and residential asset classes and has witnessed strong recovery in office occupancy and home buyer activity in the last quarter. Bengaluru becomes an important growth market for Ajmera.”
He further added, “Our real estate offering is in the Electronic City which is considered to be an important IT hub and fascinates large professionals as the home buyers. With walk to work gaining prominence, offering commercial project inside the periphery of the residential projects offers an integrated real estate solution. We have seen quite a positive response towards Nucleus residential projects which was launched in Bangalore earlier. Going forward, Indian real estate demand will be leaning towards branded developers and thereby increase in demand for bigger and better homes.”