Ajmera Realty shares rally 17% as company enters into JV with Keystone Realtors

Shares of Ajmera Realty and Infra India Ltd (Ajmera Realty) surged during the trading session on Thursday to hit a new 52-week high after the company announced a joint venture to redevelop a society in Mumbai. The company informed about the same through an exchange filing during the session.

Ajmera Realty has entered into a joint venture with Keystone Realtors Ltd (Rustomjee), named as Ajmera Luxe Realty (ALRPL), a joint venture, which will execute a redevelopment project in Bandra West, Mumbai (Maharashtra), said the company in the exchange filing.

Both companies will hold a 50 per cent stake in the project, which is expected to generate a gross development value (GDV) of Rs 760 crore. The project aims to deliver premium luxury residential apartments with an estimated carpet area of approximately 130,000 square feet for sale, it added.

Following the announcement, shares of Ajmera Realty and Infra India surged about 17.49 per cent to Rs 595 on Thursday, commanding a total market capitalization of more than Rs 2,000 crore. The scrip had settled at Rs 506.40 in the previous trading session on Wednesday. The stock is up 145 per cent from its 52-week low at Rs 244.35 hit in February 2023.

Similarly, shares of Keystone Realtor rose more than 3.22 per cent to Rs 719.85 on Thursday, with a total market valuation of more than Rs 8,000 crore. The scrip had settled at Rs 697.40 on Wednesday. It has surged 75 per cent from its 52-week low at Rs 416.45 hit in April 2023.
 
The core objective of this collaboration is to present a distinctive and premium offering in the upscale locale of Bandra. The JV aims to deliver a unique product that stands out in the market. This strategic joint venture will enable both companies to harness their respective capabilities, combining expertise and resources to fulfill commitment to excellence Bandra.

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