Ajmera Realty secures major funding for Mumbai’s Ajmera Manhattan Project
Ajmera Realty & Infra India Ltd has successfully obtained credit facilities amounting to INR 500 Crores from leading financial institutions, Standard Chartered Bank and ICICI Bank. This strategic financial maneuver is set to fund the development of Ajmera Manhattan, a high-end residential project located in the burgeoning area of Wadala, Mumbai. A notable portion of this fund, specifically INR 200 crores, has been allocated towards the partial prepayment of a Gross Capital Product (GCP) loan previously secured from HDFC Bank.
The Ajmera Manhattan project stands as a testament to sustainable urban living, aiming for green building certification, and has witnessed an impressive booking activity, with over 60% of its inventory sold as of December 2023. The project’s appeal is significantly boosted by its location along the Sewri-Wadala belt, an area experiencing rapid housing demand growth. This surge is largely credited to the inauguration of the Shri Atal Bihari Vajpayee Trans Harbour Link, enhancing connectivity and accessibility in the region.
The proceeds from the pre-sales are expected to adequately cover the estimated project completion costs. This financial structuring allows Ajmera Realty to advance in its loan repayment schedule, aligning it more closely with the project’s cash flow, thereby ensuring a stable financial standing. Furthermore, the deal was secured under favorable commercial terms, showcasing a lower cost of funds compared to existing rates, which highlights the company’s financial acumen and creditworthiness.
Dhaval Ajmera, Director of Ajmera Realty & Infra India Ltd, remarked on the deal’s significance, stating, “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 favorable commercial terms.” He further emphasized the deal as a reflection of the company’s strong financial reliability and its commitment to achieving a 5x growth vision.