Ajmera Realty shares surge as sales nearly double in December quarter

Ajmera Realty shares: Shares of Mumbai-based real estate developer Ajmera Realty rose as much as 10 per cent to hit record high of Rs 521 after its sales surged 98 per cent in third quarter of current financial year. The company clocked sales value of Rs 253 crore and collections of Rs 151 crore for the third quarter of FY24 with a growth of 98 per cent and 30 per cent respectively as compared to the same period last year.

The company recorded growth of 63 per cent annual increase in sales area, which totals 1,03,573 sq ft, and an equivalent sales value of Rs 253 crore. Despite limited inventory, Ajmera’s overall project performance remains strong.

“The 98 per cent annual growth in sales value came on the back of sustained interest in our key projects, Ajmera Manhattan and Ajmera Eden in Mumbai, as well as our projects in Bengaluru,” the company said in a press release.

“As we exit Q3 FY24, we are firmly on course to achieve our sales goal of Rs 1,000 crore for this fiscal. The real estate sector has recently witnessed a noteworthy upturn, with the index reaching a 15-year high. This momentum was fuelled by a record number of property registrations in Mumbai and the MMR region,” Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd said.

“This surge is propelled by substantial infrastructure development projects that are driving an upward trend in property prices. We are experiencing an elevated demand for mid-segment and premium homes, a market segment that aligns with our specific offerings. Clearly reflecting strong buyer sentiment, these historical milestones are fuelling our enthusiasm towards ensuring growth and success. There are myriad positive factors spearheading the demand for residential housing, not just in Mumbai and MMR, but in Bengaluru as well,” Ajmera added.

As of 1:32 pm, Ajmera Realty shares traded 6.46 per cent higher at Rs 502.15, outperforming the BSE Realty index’s 0.07 per cent decline.