Ajmera Realty share price jumps over 10% to 52-week high on strong Q3 sales growth

Ajmera Realty share price jumped more than 10% to hit a 52-week high Thursday after the company reported a sharp jump in sales for the third quarter of FY24. Ajmera Realty and Infra India shares spiked as much as 10.45% to a fresh high of ₹521.00 apiece on the BSE.

Ajmera Realty said its total sales value jumped 98% year-on-year (YoY) to ₹253 core in the October-December quarter while its collections increased 30% to ₹151 crore.

“The 98% YoY 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,” Ajmera Realty said in a regulatory filing.

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The real estate developer saw a robust growth in Q3FY24 with a significant 63% YoY increase in sales area totaling to 1,03,573 sq.ft.

Despite limited inventory, Ajmera Realty’s overall project performance remains strong, the company added.

“As we exit Q3FY24, we are firmly on course to achieve our sales goal of ₹1,000 crore for this fiscal,” said Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd.

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The real estate sector has recently witnessed a noteworthy upturn, with the index reaching a 15-year high. This momentum was fueled by a record number of property registrations in Mumbai and the MMR region. 

“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. There are myriad positive factors spearheading the demand for residential housing, not just in Mumbai and MMR, but in Bengaluru as well,” he added.

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The company acquired a residential redevelopment project in Versova, Mumbai, with potential development area of 90,700 sq.ft. and gross development value (GDV) of ₹360 crore.

“Securing a redevelopment project in Versova with an expected sales value of ₹360 crore strengthens our portfolio and widens market appeal. Given the ongoing redevelopment and metro expansions, we anticipate growing demand. This move underscores our commitment to diversification and progress towards our 5x growth goal,” Ajmera said. 

At 1:05 pm, Ajmera Realty shares were trading 6.47% higher at ₹502.20 apiece on the BSE.

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