Ajmera Realty secures Rs 500 cr structured deal for Ajmera Manhattan, partially repays GCP loan

Ajmera Manhattan project: Ajmera Realty & Infra India Ltd has announced the successful acquisition of credit facilities amounting to Rs 500 crore from Standard Chartered Bank and ICICI Bank. This substantial funding will bolster the development of Ajmera Manhattan, a prestigious residential project located in Wadala, Mumbai. Furthermore, a portion of the funds, totaling Rs 200 crore, has been allocated for the partial prepayment of the GCP loan obtained from HDFC Bank.

Ajmera Manhattan has witnessed remarkable booking activity, with over 60 per cent of its inventory already sold by December 2023. The project is poised to be certified as a green building, aligning with sustainable development objectives. The sustained demand for Ajmera Manhattan can be attributed to the burgeoning housing demand along the Sewri-Wadala belt, bolstered by the recent inauguration of the Shri Atal Bihari Vajpayee Trans Harbour Link, popularly known as the "Mumbai Trans-Harbour Link" and “Atal Setu.”

The estimated project completion costs are well-supported by pre-sales balance receivables. Through the structured deal, Ajmera Realty has proactively initiated the partial prepayment of the GCP loan, positioning the project loan repayment in closer alignment with projected cash flows.

Dhaval Ajmera, Director of Ajmera Realty & Infra India Ltd, said, "This structured deal represents a strategic step forward in maintaining our unwavering dedication to our company’s objectives. Ajmera Manhattan’s exceptional performance has enabled us to secure this deal at more favourable commercial terms. The successful execution of this deal highlights our company's financial reliability and creditworthiness, reinforcing our commitment to achieving our 5x growth vision.”