The estimated project completion costs are well-covered by pre-sales balance receivables. Through this structured deal, the company has advanced the partial prepayment of the GCP loan ahead of its schedule. Consequently, the project loan repayment is expected to align more closely with project cash flows. The company has secured this deal at a lower cost of funds compared to prevailing rates with the existing lender.

Additionally, a portion of the funds amounting to Rs 200 crore has been utilized towards the partial prepayment of the GCP loan availed from HDFC Bank.

The company said that the Ajmera Manhattan project has experienced robust booking activity, with over 60% of inventory already sold as of December 2023 and is also endeavored to be certified as a green building. The demand for the project remains strong, driven by the exponential growth in housing demand along the Sewri-Wadala belt, largely attributed to the recent launch of the Shri Atal Bihari Vajpayee Trans Harbour Link (commonly known as “Mumbai Trans-Harbour Link” & “Atal Setu”).

Dhaval Ajmera, director of Ajmera Realty & Infra India, said, “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. The successful execution of this deal highlights our company's financial reliability and creditworthiness, reinforcing our commitment to achieving our 5x growth vision.”

Ajmera Realty & Infra India has a PAN India presence along with an international presence. The company is focused on premium developments in luxury and mid-luxury projects in the residential segment. The company has a huge development potential available on its balance land parcel at Ajmera I-Land, Bhakti Park, Wadala and Central Mumbai.

The company's consolidated net profit stood at Rs 30.48 crore in Q3 FY24 steeply higher than Rs 10.64 crore recorded in Q3 FY23. Revenue from operations surged to Rs 206.77 crore in Q3 FY24 as compared with Rs 79.07 crore posted in Q3 FY23.

The scrip fell 1.95% to Rs 709.35 on the BSE.