The Ascot Co-operative Housing Society in Shastri Nagar, Andheri West, Mumbai, has had its rehabilitation contract awarded to Ajmera Realty & Infra India Ltd (ARIIL). With a projected carpet size of roughly 71,300 square feet and a total area of 2,319 square meters, the project is anticipated to bring in nearly Rs 320 crore in sales income.
This initiative aligns with ARIIL’s broader strategy of revitalizing high-potential micro-markets through strategic redevelopment, joint ventures, joint development agreements, and asset-light acquisitions. Dhaval Ajmera, director of ARIIL, reaffirmed the company’s commitment to leveraging these approaches to drive urban renewal.
Mumbai’s deteriorating infrastructure and scarcity of available land are being addressed in large part by redevelopment. Large-scale projects in Chembur, Goregaon, and Borivali have been undertaken by prominent real estate developers Kalpataru and Mahindra Lifespace Developers, with potential income of Rs 2,000 crore and Rs 1,800 crore, respectively.
Beyond corporate-led projects, self-redevelopment by housing societies is also gaining traction. The Purvarang Cooperative Housing Society in Mulund (East) successfully completed a self-redevelopment project, resulting in a 23-storey tower without external funding. Similarly, the Chitra Cooperative Housing Society in Chembur repaid a Rs 20 crore bank loan after independently redeveloping its building.
With the modernisation of infrastructure and the optimisation of land use, the wave of redevelopment, which includes ARIIL’s most recent project in Andheri West, is changing the residential landscape of Mumbai. As ARIIL proceeds with the Ascot Co-operative Housing Society project, it enhances property values and living standards in strategic urban locations, contributing to the city’s continuous change.
Source: Prop News Time
