Ajmera Realty & Infra India Limited (NSE: AJMERA) Q3 2026 Earnings Call dated Jan. 29, 2026
Corporate Participants:
Abhishek Dakoria — Investor Relations
Dhaval Ajmera — Director, Corporate Affairs
Nitin Bavisi — Chief Financial Officer
Analysts:
Dixit Doshi — Analyst
Karthik Srinivas — Analyst
Bharat Sheth — Analyst
Sameer Baisiwala — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Ajmera Reality and Infra India Limited Q3FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. I now hand the conference over to Mr. Abhishek Dakorea from Churchgate Partners. Thank you. And over to you sir.
Abhishek Dakoria — Investor Relations
Thank you. Good afternoon everyone and a warm welcome to you all. On behalf of the company, I would like to thank you all for participating in Ajmera Reality and Infra India Limited earnings conference call for the quarter ended 31st December 2025. The call will commence with the opening remarks by our Director Corporate Affairs, Mr. Dharwal Azmara and will be followed by the business performance discussion by our CFO Mr. Nitin Bhavisi. We have shared the operational updates for the quarter on the 14th of January. The investor presentation and the press release based on the financial results adopted by the Board have been uploaded on the stock exchange website and can be downloaded from our company’s website.
Please do note that some of the statement in today’s discussion may be forward looking in nature reflecting the company’s outlook and may involve certain risks and uncertainties that the company may face. I would now like to hand the call over to our Director Corporate Affairs, Mr. Dhawalaj Mehra. Thank you. And over to you sir.
Dhaval Ajmera — Director, Corporate Affairs
Hello, Good evening all. I hope everyone is doing safe and fine. I just wanted to discuss begin our. Discussion with the overall sector response, real estate sector perspective. I know we’ve been seeing a lot of challenging times in the overall market but one thing I would like to say that real estate market is shaping up in a stronger way. It’s been obviously a great roller coaster ride for the markets but I think real estate has been staying strong. In the last three years we have. Seen that there has been a cyclical phase where we’ve seen a lot of consolidation happening in FY26. While the previous years were defined by rapid price appreciation and recorded Pre sales and FY26 is shaping to be characterized by steadier volume growth, disciplined rising and greater selectivity in both demand and supply. And we are observing this trend all across the segment. Not only in one particular way but we are know maybe in all luxury, affordable, mid segment, every other segment we are seeing this kind of steadiness which is coming around all across in our core micro market which is, you know, the market of Mumbai, redevelopment has emerged as a primary source of new supply and we are seeing a lot of supply coming in and where today more than about 50 to 60 of the city’s housing stock is coming through this.
And I would just call this as the great redevelopment wave which is just reshaping the urban fabric. But more importantly right now a lot of societies currently although are going in for redevelopment tenders and across. But now we are slowly and very steadily seeing that selection of developers towards. The society and society’s selection towards the. Developers has now started to become very very selective and they only want to go with established and rational players and not just go with somebody who is giving them more area, more value. On the macro front we are supported by strong structural tailwinds including the RBI’s pro growth policy stance, GST rationalization and ECB reforms. With a 7.3% GDP forecast in this financial year we are seeing a good cash flow stability coming in and liquidity. Obviously the external global headwinds and geopolitical tensions keep on continuing to suppress the overall growth across. But in this at least what we see is that the Indian market has. Been poised to do strong with the internal demand and the internal cash flow positionings which are happening very quickly. Taking on to our performances, Ajmera Realty. Has delivered a stellar performance for the 9 month FY26. Very very happy to say that we have achieved our highest ever sales that is 1431 crores in this nine months and overall across and this performance has been driven by overwhelming response from customers for our new launches. Given this momentum we are poised to surpass our one full year guidance which is 1600 crores. Very easily and operationally we are seeing this quarter that is quarter three. Also very happy to say that this has been our highest ever quarter towards current collection where we’ve collected more than about 300 plus crores.
Additionally we mark as a key milestone. In completion of our project and I’m very happy to say that one of our project in Ghatkopa, Ajmera Eden has got its occupation certificate and the project was delivered well above the defined timeline and we’ve been very very early towards the delivery. During discussing on the progress of our new launches, I’m very happy that we had so far at about two to three launches. Obviously Ajmera Manhattan 2 Phase 2 which was a luxury project offering in Wadala where we discussed last time has already seen more than 40% of its inventory being sold simultaneously Our commercial project in Bandra 3315 has seen a great momentum and having sold about 17% of its inventory.
Although the excavation of the project has just started, you know which is seeing, you know which for a commercial project has been a great demand and however, you know our hero for this quarter and this financial year has been our project launch at Ajmera Solis at Vikroli where our phase one we’ve seen an exceptional demand by enabling us to sell. 84% of our inventory in Japan. Just probably 48 to 60 hours of the launch and we saw that great momentum coming in. So this project was well configured to be a 1, 2 and 3 BHK with prime connectivity and great views. But what I seriously see that this. Kind of overwhelming response with such challenging times all across the world and people being little risky about the market. But to see this kind of response. Was only possible because of 2, 3 points which we assess and primary one. Of them being the brand which played. The most important role in getting this kind of attraction towards the location and the project. And this success of all this is a strong validation that our asset light strategy demonstrated our capability to successfully expand into new micro markets. Amongst our ongoing projects, our flagship project of ajmera Manhattan Phase 1 has achieved around 89% sales while the construction is just getting completed in terms of our RCC superstructure for both these towers and we are very well poised to complete this project in the next financial year. The next phase of Ajmera Greenfinity that. Is A&D wing has recorded seven 79% sales with all the finishing works in progress and very soon to be started handing over possessions. Ajmera Vihara Bhandu has also reached 81% sales and we are at the 15th floor slab for the rehab and about on the first floor for the sale building in Bangalore. Our mid micro market housing portfolio also continues to show a very very strong performance. Ajmera Iris which launched recently has also achieved about 76% sales. Azmera Marina launched in quarter four of FY25 has seen a robust demand with 68% sales and foundation work is in progress. We are excited to announce a strategic revision to the master plan. You know while we do all of this, you know we are very very happy that we are trying to regrow. Within our own portfolio and make that. Portfolio even more valuable and extremely viable. More viable than what it is currently. And obviously it is with this note. I am very very happy to announce that we have, we are doing a strategic revision in our master Planning at our boutique office project in in Wadala. Which has significantly unlocked a great value. Where the estimated carpet area which was earlier about 6 lakh square feet has. Now revised to 16 lakhs I.e. 116 lakh square feet resulting in a substantial rise in the gross development value from 1800 crores to 5300 crores. With this revision our total value of project in in Wadala itself is now turned out to almost 16,000 crores coming. From you know unlocking from the Wadala micro market itself which we see coming which this coming and getting delivered. In reality with the project successfuls of Ajmera Manhattan 1 Manhattan 2 we are seeing the 16,000 crores being unlocked in the next 4 to 5 years time. Simultaneously with our consistent 5x growth strategy we’ve secured new business development projects worth 2000 crores. And this additional further fuels our future. Expansion through asset light developments reinforcing our commitment to capital efficient growth and our. Focus on executing the planned launch pipeline. With an estimated GDP of 1,491 crores in FY26. With this I would like to now hand over a call to our CFO Mr. Nitin Bhavisi who will take you through the financial and operational highlights. Thank you.
Nitin Bavisi — Chief Financial Officer
Thank you sir. Very good evening you all and thank. You for joining us. Before we move on to Q and A session, allow me to summarize the consistent operational and financial performance we have delivered for quarter three and nine months. FY26 coming to the quarter operational performance Ajmera Realty effectively doubled its sales and collection in quarter three FY26 to 603 crores and 333 crores respectively. This strong quarterly performance drove our nine month FY26 sales to 14.31crore registering a robust growth of 72% YoY in terms of volume. Ninth month FY26 saw a 36% YoY increase to 5.56 lakh square feet while total collection surge 70% YoY to INR 787 crores mainly driven by strong execution of the projects.
On the financial performance front, in nine month FY26 our revenue stood at 664 crore registering a growth of 11% YoY supported by consistent execution across our projects. In terms of profitability, EBITDA and PAD remained testable at 196 crore and 99 crore respectively. Importantly, we continue to maintain healthy margins with EBITDA margins stood at 30% and PAT margin at about 15%. The company maintained a robust Financial discipline with a total debt of 754 crore. As of 31st December 2025, our debt equity ratio stood at 0.58x keeping us well positioned to leverage our strong launch pipeline and as well to do business development activities selectively.
Moreover, our weighted average cost of Debt stood at 11.59% highlighting our enhanced credit profile and disciplined financial management. Coming to the revenue visibility which has strengthened significantly driven by exceptional sales from recent launches and steady progress across ongoing and OC received projects, the total visibility for this stands at 4096 crore comprising 99 from committed sales and about 4000 crore from the available inventory. Additionally, our upcoming launch pipeline is expected to contribute about 1500 crore taking our overall revenue visibility to about 5600 approximately reflecting our strong growth momentum ahead. In terms of the estimation about the cash flow, our OC received an ongoing project portfolio is estimated to generate about 2,316 crore over the balanced life cycle of the projects.
With this concise summary of our business highlights and financial performance, I now invite your questions and look forward to further interaction. Thank you everybody.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch tone telephone. If you wish to remove yourself from the question queue you may press star and two Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Dakshit Doshi from Whitestone Financial Advisors. Please go ahead.
Dixit Doshi
Yeah, thanks for the opportunity and congratulations for a good pre sale numbers for this quarter. My first question is regarding the Vardala. So obviously we we have changed the plan for boutique office. So if you can you know help us understand more that how much this additional FSI will cost us and you know will that impact our margins or still you feel that our since our own projects we do 40 of margin so this will remain and and obviously because of this change in SSI we have removed this from this year launch pipeline. So when you are expecting the launch and how much square feet out of this 16 lakh square feet.
Dhaval Ajmera
So you know while our cost obviously will increase proportionate to the area of development which is happening because even in. The earlier case and now case the cost of development and the cost of. Construction would always be proportionate to the area what we are developing. So it doesn’t matter you know what. Area it is because land cost technically. Even earlier and now has been practically as good as zero. So our margins definitely in fact will be little more because when we look. At such kind of scale in operations. Obviously our planning of offices are little on a upscale thing. And let’s say if I am trying. To sell or lease this out, I am just hypothetically giving a number or. Selling it at let’s say X amount. This will be x 5% or 10% because of the upscale and the largeness and the look and feel of the offices. So definitely it is going to be. Bigger and better and the margin wise also this will be better. Secondly yes, you are right. And with all these opportunities coming in, we have shifted our launch which was supposed to be this quarter but we are doing it in next quarter, sorry, next year, financial year, sometime between. Between I. We try for the first quarter but. It should be between first or second.
Dixit Doshi
Okay, so. Okay, so still it will be like H1 of the next financial year. Now my second question is we have is regarding the Kanjur ma’. Am, you know, we have kept it still in the Q4. So if you can, you know, elaborate slightly because last quarter when we discussed we had not yet applied for the ec so where are we standing in terms of approval? Have we already applied for the ec?
Dhaval Ajmera
So we have already applied for the CFO approvals and at the same time. We have also started getting applying for the approvals which are required related to the Revenue Department and the Collector Office Department. That is something which we have started. ECE only comes after we take the CFO approvals. With this planning and constraints we were going in and out with the CFO which has now been resolved and we should be moving ahead with all the approval timelines as discussed and we will be moving for the, for the launch as well for the, you know, for the project.
Dixit Doshi
But just to understand because see we have not yet applied for EC and we are already, you know, January is ended. So I mean don’t you think that Q4 is. It’s actually not possible because I think EC will itself will take months and then RERA and other approvals.
Dhaval Ajmera
So yeah, you’re right, it is kind of a touch and go situation for. You know, for Kanjumarg. But look, in a long term with. A project like this and you know. For the first there are a lot of complexities with related to approvals which you know, because it is a larger layout because of all the approvals with two different departments. One is MCGM and the Collector Office and the Revenue Department. We need to ensure that every details have been Taken so that things don’t fall into some different trap in the near future. And hence. And plus this is our first like what you call the layout approval or. First approval which we are taking and hence it is taking a little while. But at the same time I am. Very happy to say that the work at site has already started. We have commenced the, the development and construction of the police housing work which. We were supposed to hand over to. The government and that all the respective. NOCs with related to their EC, their. You know, BMC approvals, the collector, NOC. All that has come and all that. Work has already started. So we are not even like saying. You know, we are waiting for the. Sales approval and then only we’ll start but we are actually putting in money. To ensure that whatever liabilities need to. Be closed, we are closing and moving. Ahead in that process.
Dixit Doshi
And we have removed the two more projects, Andheri and Ghatkopar also from the launch pipeline. So if you can elaborate on that.
Dhaval Ajmera
So Andheri and Ghatkopar, unfortunately the Society. The Andheri one was a society redevelopment. Which you know there, which went on. Again for a renegotiation with the tenants. And you know there were certain ups. And downs which were going on. Finally we have, you know been able to resolve it and now we’ve reached a stage of finalizing our development agreement. So yes, that has been pushed but that will come down in the next. Financial year for the sales. And as far as the Khatkopar one. Is concerned again there has been certain litigation. Not a litigation but a legal issue which is coming from the owners, from. The plot which we are trying to resolve with the trust and the you know, Charity Commissioner’s office. Hopefully that also should be able to. Get resolved in the next two to three months time.
Dixit Doshi
Okay, so just wanted to you know, highlight some thoughts. Basically Kanjur Mark, we have not applied for ECE so so just wanted your thoughts to see all these approvals of Collector and CFO and you know, before that last con call you mentioned we were taking the, we took the approval for fhir. Don’t you think all these could have been done when the Supreme Court order was not, you know, announced and we could have done all this process at that time so that you know, once the Supreme Court judgment came we could have moved faster.
Dhaval Ajmera
Oh you are right. But you know, see what was happening was that while we do the application for the CFO or will we do the EC application. Firstly EC was not even able to grant when the Supreme Court order was in place so we were in. The only thing what we could have taken was a CFO for our sail building project which we, which we, you know we held it back for a particular strategic reason. Other than that there was no other approval which we could have taken when the Supreme Court order because Supreme Court order was related to ec.
So EC would have never come anyways.
Dixit Doshi
Okay, so that’s it from my side for the first round. But just wanted your one thought on Kanjur Mah. So basically see as an investor community we all know that what you have turn in Vadala and it’s a tried and tested market now for you. But as an investor we all are looking forward for the Kanjurman. So obviously we had you know, different difficulties in different areas over last 10 years. But now you know we have been talking about this from last one year and I, I appreciate you have still kept it in the Q4 but it will be really helpful if you can you know, give some realistic number that let’s say if once you apply for the EC how much time it will take and let’s say if it doesn’t happen in March, but late by late on a conservative side, what do you feel by when we can launch?
Dhaval Ajmera
So yes, look we are still continuing. To do this, you know, with our timelines, what we have projected. Yes, we, we are. You know while we appreciate that the market and specifically a lot of investors are looking forward for Kanjurma project of ours launching. But at the same time we also remain very buoyant about the other projects which we are doing which itself has. A portfolio of over 20 plus thousand. Crores which is already under execution, under development without any hindrances and projects being there. Kanjurmag, yes, it is also our baby and that is another 30 or thousand crore project which we want to develop. And this kind of a land which is potentially very, very rare to be made available to a lot of people and we are lucky that we want to enhance the maximum value of it. So obviously we are doing ensuring that we do not falter and there should not be any hindrances coming. In the longer perspective, while we may have been slow what we were but if you see how Wadala has progressively executed over the last few years and that is how we will see a steady and a larger jump once the.
Project of Kanjurmaag starts. So while Kanjurmaag is a project which we continue to ensure that we make it the best but we also remain very focused on the existing ones which is a 20,25,000 crore portfolio which we. Want to make as one of the proper highlight thing.
Dixit Doshi
But can we say on a most conservative side also, even if it doesn’t happen this quarter, it will happen in Q1.
Dhaval Ajmera
Yeah, yeah, of course, 100%.
Dixit Doshi
Okay fine. That’s it from my side for now.
Dhaval Ajmera
Thank you.
operator
Thank you. The next question is from the line of Kartik Srinivas from Unified Mutual Fund. Please go ahead.
Karthik Srinivas
Hi sir, thanks for the opportunity. So if you just see the project on Manhattan 2, there has been a little slowdown in the number of units sold for this quarter. So could you please elaborate that because Q2. Yeah, Q3 has been a little bit of low in terms of number of units sold. So we just wanted to grab your thoughts on that.
Dhaval Ajmera
So yes, the Manhattan 2 in Q3, if I look at the number of units which we sold in the last quarter versus this quarter, there has been a slowdown. But that is generally the case of a project when we launch and when we have a spot of usually these kind of projects have a 10 to 15% of sale velocity when it is launched. But you know, when we launched this project we sold about almost 40 odd percent in the launch pipeline itself and we got a great run and numbers through it. And obviously then when we came to this quarter we also increased bit a little bit of price over there and we end with the, you know, micro market, I mean with the market being a little.
And we also feel that when we have such a great response we should continue to increase the price and make the product investment friendly rather than just looking at velocity of sales which we are obviously doing it this kind of a little bit lull which has come. But we are very confident that we’ll continue to run this momentum and we will see good numbers which we are seeing already in this month itself and in the coming quarter. So this quarter again we will see a good rise. But now this will come to a steady, what do you call the sales velocity and not like a jump what.
We saw for the launch. And when I say sales steady velocity means we are looking at at least, you know, 30 odd units a quarter. Roughly.
Karthik Srinivas
30 odd units a quarter. That’s the thing you’re writing. So one more question. On the projected sales that you have given guidance for FY26, you have given a guidance of about 3750 project additions and we are still at 2000 crores. So how confident are we to meet the incremental project additions for the quarter Q4?
Dhaval Ajmera
So yes, we are very confident on the additional project additions while we continue to be cautious about our acquisitions. While when we, when we gave this projection, obviously we had given with a certain kind of properties which we were. Already under discussion and we were, you know, under what you call advanced stages. But during the course of time, things start changing. There will be more risk analysis which. Come into place from the lawyer’s end and from the other end somewhere we. Have to drop down some and probably add a new while, which we continue to do. But we are in active discussion with two or three properties which once we close, we will definitely surpass this number what we’ve given.
Nitin Bavisi
And just to add on to that, you know, both these additions which we have done, that is on the asset light propositions. Both the ones are that of the redevelopment nature, one in Mumbai and one at Pune location. So that leaves us a good amount of scope for us to commit our cash flow on the quarter four. And that is something which we are eyeing to make up our guidance as we have given for, for the FY26.
Karthik Srinivas
Got it. Sir, my last question generally, how is the market now? Is there a little bit of lull that you see especially now that we are concentrated in Mumbai and our focus is in Mumbai and Bangalore. Do you see how the macro markets have been operating? So your thoughts on that?
Dhaval Ajmera
Look, I mean overall, if I have. To give, but if I personally look at Ajmera’s quarter performance like last, as I said, the Azbera solids project has been a stellar success and we saw a great run of numbers coming in and the sales velocity coming in that micro market. But overall we still see even like maybe the last quarter overall, if I have to just give a sense, it has been steady but not very, not uplifting. It has been a steady sales all across which when we ask our peers. And you know, look and you know. The market around, but we are seeing a good again a good run coming in from this month itself, at least. In our projects in many, many areas. Obviously the last quarter had been a lot of vacation time with Diwali and Christmas coming in together, a lot of holiday seasons coming in. Decisions becoming a little slower towards the end of financial year. But I am seeing, you know, again this sport of not like a great. Spot but a good steady sales spot. Coming, stagnancy all across our projects in this quarter.
Karthik Srinivas
Got it. Okay, that’s it from my side. Thanks.
operator
Thank you. The next question is from the line of Bharat Seth from Quest Investment Advisors. Please go ahead.
Bharat Sheth
Congratulations. So my question is related to this what have if you can give little more color, what has changed these REITs strategize and how do we see in this particular micro market on commercial side and how with such kind of, I mean increase almost tripling, almost tripling. So what time frame we expect to launch and complete and then again the financing part as you rightly said. So we plan to go standalone or JV partner or if you can give little more color.
Dhaval Ajmera
So firstly I’ll just give you a. Little highlight about the Wadala micro market. You know, over the last few years Wadala has been emerged as the most preferred micro market in across the residential and commercial development. The primary reason of its connectivity with. The Eastern freeway, with the metro lines coming in, the Eastern Express highway, the. Atal Setu, all of those connectivities have. Been the most important factor for Wadala’s preference number two. Right opposite our property MMRDA is coming. Up with more than 100 acres of. BKC2 and they have already auctioned the land where the land prices itself has. Been a humongous number. So we see that what MMRD and the government itself is seeing this as. The next commercial hub. And that is the reason why when. We got this opportunity and when we. Looked at our planning we thought that when the government itself and the area. Itself is looking in terms of connectivity with such a great preference, why not. We ourselves when we have our own land bank, increase our portfolio and make this the most and get the highest. Number of highest revenue coming in from. The land itself and thereby growing it by more than 20, 30%. So that’s what we are doing. As. Far as the completion and the starting of its concern. Yes, we are looking at starting this project between the first and the second quarter of next financial year. And we will obviously do this in phases. We are not going to launch the entire 16 lakhs at one go. We will take it 5, 5 lakhs or something like that depending upon our planning. But phase wise, and we are very confident that the way we’ve seen a run of our success in terms of our residential sales, we will also see in our commercial. And overall this micro market has seen a great progress in terms of its. Luxuriness and in terms of its connectivity. And we intend to make this project. As the most luxurious project of that. Micro market and that eastern suburb. And this will eventually become one of. The most luxurious project and that is what we are putting all our efforts. To eventually increase our GDV from at least 20% from what we are Today and overall through the period of time and this is where where we are. Aiming to take it.
Bharat Sheth
So sorry, you said that earlier GDV was with will increase in proportion of our increase in FSI. Correct.
Dhaval Ajmera
Earlier we had a 6 lakh square feet of of commercial offices was giving. A GDB of 1800 odd crores. Now we are looking at 16 lakh square feet which is giving us a GD of 5300 to 5500 crores.
Bharat Sheth
Will be commercial or means mixed use or office. And how do we and do we are so looking for some kind of a JV partner to bring the anchor. And what is your thought process on that?
Dhaval Ajmera
We are open to discussions. However to be honest we have not yet discussed with any of the partners especially for Wadala. But obviously opportunity is open and once we have a greater. I mean when we have a good opportunity coming our way we’ll definitely which can add value. Finances is one part. But most important is that if it adds value to the entire project and bring helps me bring higher GDV to my entire project revenues then definitely we. Look at tires
Bharat Sheth
and it will be. Purely a office or office plus retail. How do we think about it?
Dhaval Ajmera
So it’s going to be office plus retail. Retail being very minimalistic but more of offices.
Bharat Sheth
Oh thank you and all the best.
Dhaval Ajmera
Thank you.
operator
Thank you. Participants who wishes to ask a question may press star and 1. The next question is from the line of Dixit Doshi from Whitestone Financial Advisors. Please go ahead.
Dixit Doshi
Yeah, thanks for the opportunity again. So at what price we are selling Manhattan to now?
Nitin Bavisi
We are selling around 32,000 rupees a square feet.
Dixit Doshi
Okay. And my next question is regarding this BD of 2000 crore. If you can elaborate how many square feet and which area in Mumbai or and is it like a JV or society redevelopment.
Nitin Bavisi
So both these projects are asset light. It’s a redevelopment. It’s both are SRA project one in Mumbai and one in Pune location. Mumbai location having the GDB for about 1500 crore and Pude location about 500 crores kind of a thing. And yeah things are very much moving at site kind of a thing. Dealing with the slum dwellers and requisite site level works kind of a thing. So that is what the acquisition status as of now.
Dixit Doshi
And do you feel both of these project can be launched in FY27 or it will be in FY28.
Nitin Bavisi
So that guidance we will put forward while we go for the you know overall FY27 guidance when we roll out FY 26 March numbers kind of a thing. And at that time we will give the launch calendar for entire FY27. Considering and assessing the status at that point in time and looking at the visibility of launch we can, we will come back.
Dixit Doshi
Okay. And in terms of the other 55 acre of Kanjur Marg so we have been under you know design phase and still under the planning phase. So have we finalized anything or anything more to share?
Dhaval Ajmera
Nothing as of now. It is all still under discussion and we internally assessing it. We will come back to you once everything is finalized but not as of now. It has made progress but nothing that where we can declare.
Dixit Doshi
Okay, and just one last question. So you know because of this EC approval problem in Supreme Court a lot of the projects in MMR got stuck. And now post this ruling everyone is start getting going for approval altogether. So everyone will launch in next six month or so. So how do you see that impacting the you know, the demand and the supply side and the competition.
Dhaval Ajmera
So I mean we as a company. Are not very, you know worried about the demand. Demand is going to be there, supply is also going to be there. And at the same time we believe. That demand also especially for Mumbai as a micro market has significantly risen over the last few years. And with the kind of connectivity and. The government’s approach to make Mumbai 1, Mumbai 2, Mumbai 3 and all the connectivity of the coastal roads etc. We see that there has been an enough and more important importance being given. To Mumbai where it will grow in a very very large way. Overall the real estate volume of all. Across India, you know MMR contributes to about 20 or 30 odd percent across India. So I believe that this will continue to grow. And coming to this, yes, supply is going to be there. But we firmly believe and we cited this with an example about our Vikroli project where there are projects in and around the micro market. There are projects which are already under construction or probably way more progress than what we are somewhere structures have been ready and we are underground or we are just breaking ground. But we are able to command pricing 20 to 30% higher than what they. Have been actually selling today. So brand plays a very very important role. And I continue to say that with. All our projects we have seen the this kind of success. So we are not too worried about the sales velocity.
Dixit Doshi
And any progress on the leasehold to freehold for Kanjurma that’s.
Dhaval Ajmera
Still under progress and working work in progress I would say. And with the ongoing elections and all of that things had been a little slowed down. But we will. We are putting in all our efforts to ensure it happens sooner.
Dixit Doshi
Okay. And you earlier mentioned about the Kanjurmag approval. So you mentioned that we will need the CFO and collector approval. So can that be delayed due to the recent election?
Dhaval Ajmera
No, no, not yet. That. That is a routine process.
Dixit Doshi
Okay, fine. That’s it for me. Thank you.
operator
The next question is from the line of Samir Basaiwala from Morgan Stanley. Please go ahead.
Sameer Baisiwala
Yeah. Hi, good evening everyone. Sameer from Satman Capital. Now so that was a quick question. What’s really driving this FSI increase by 1 million square feet in Wadala under what, what provision or what scheme if you can talk about it.
Dhaval Ajmera
So we are doing this under 3320B. Scheme which is PAP development and where you are allowed to increase the FSI from an additional one. FSI is allowed to be put in. And that’s what we’ve been. I mean that’s how the FSI has. Been increased from current scheme.
Sameer Baisiwala
And what could be the potential cost for this?
Dhaval Ajmera
We still working out numbers but approximately my sense would be around the same as what the earlier FSI cost was. Which is around four to five thousand rupees a square feet, roughly, give or take.
Sameer Baisiwala
Okay, great. And just on the Uber luxury Resi park in Madala. What’s the potential launch timelines for that?
Dhaval Ajmera
Well, the plans are under progress. We are, you know, trying to work this out in a very exclusive way. So my sense is not probably next year, I mean not next financial year, but beyond that. So we are looking at somewhere around FY27, sorry, 28.
Sameer Baisiwala
Okay. And will it not run into Manhattan 3As. And when that happens.
Dhaval Ajmera
Sorry, can you come again?
Sameer Baisiwala
Will this, will the Uber luxury not clash with Manhattan 3 which is remaining 0.9 million square feet.
Dhaval Ajmera
In fact we will launch Manhattan 3 before that. And we will also there will be some phases which will be left over there. But see the whole idea is that when we are talking of Uber luxury. We also want to ensure the overall real estate value of that micro market increases so that it becomes as an acceptability level where people are ready to give that kind of money with the kind of, you know, value what we are giving. So we are building that up in. A way which will, which somebody is not going to get a pinch to pay that kind of real estate value. So I believe by the time we reach FY28 we should be able to command a good price and give this as a good Velocity of sales as well.
Sameer Baisiwala
Okay, very clear. And just moving to Kanjurma, the larger land parcel, 55 acres. Any thoughts on the potential partnerships for commercial retail? Any thoughts that you can share milestones that we should expect?
Dhaval Ajmera
Well, Sameer, we are in talks with. A few funds, a few players very early in the stage to reveal some details. But we should be, you know, coming up with more details once the time is right. As of now I can’t be revealing but we are in under active discussions.
Sameer Baisiwala
Just to understand Dhaval that can that be a fiscal 27 event or it’s going to go beyond.
Dhaval Ajmera
No, no, no. Definitely 110%. It’s a fiscal 27 event.
Sameer Baisiwala
Oh, okay. Great. Thank you so much.
operator
Thank you. Participants who wishes to ask a question please press star and 1. Anyone who wishes to ask a question may press star and 1. Now. The next question is from the line of Dixit Doshi from Whitestone Financial Advisors. Please go ahead.
Dixit Doshi
Yeah, thanks for the opportunity. Just one question. So you know we launched this project in Bandra which is a commercial project and typically you say that commercial projects generally get sold near to the completion and that at very early stage. So considering that thought process when we launched the boutique office does the same thing applies because then we will require a lot of working capital as well.
Dhaval Ajmera
No, that’s usually when we look at. Boutique offices the concept of boutique office is the smaller size of offices which are progressively sold as they are made. So it is kind of a residential cash flows are you usually linked with, you know, cash flow like the way residential sales are happening. So cash flows come in as per the progress. So we will in our boutique, in our commercial development now in Madala we. Are going to definitely come up with. A boutique office concept and a larger office concept. So where the larger office, our whole idea is to retain those asset and probably make this as an income generating thing. And the boutique office will continue to fund the project and maintain the cash flows for the development.
Dixit Doshi
All right. From my side. Thank you.
operator
Thank you ladies and gentlemen. That was the last question for today. I now hand the conference over to management for closing comments.
Nitin Bavisi
Thank you everybody for your participation and a very insightful interactions on the business performance and as well the financial performance. And we look forward to stay connected till then. Stay safe, stay happy. Thank you.
Dhaval Ajmera
Thank you.
operator
Thank you on behalf of Ajmera Realty and Infra India limited that concludes this conference. Thank you for joining us and you may now disconnect your lines.