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Ajmera Realty & Infra India’s bank debt and corporate credit has been assigned A- rating from CRISIL, with a stable outlook.
The rating reflects the real estate developer’s established track record of over five decades, and strong brand and market position in Mumbai’s real estate market, extensive industry experience of the promoters, adequate bookings, advances and construction progress of ongoing projects, the rating agency said.
“These strengths are partially offset by moderately high level of debt, and susceptibility to cyclicality in the real estate sector,” it added.
Ajmera Realty said the rating would help optimise its debt profile and boost credibility, making a significant value-add that will foster new collaborations.
At present the group has seven ongoing projects with around 11.31 lakh square feet developer’s share of saleable area. Five of these are more than 60 per cent complete and overall completion is around 51 per cent. A strong collection, backed by positive sales momentum, will lead to adequate cash flows to fund construction. Of the saleable area, around 67 per cent has been sold till March 2024, the company said.
The company has seven upcoming projects with total carpet area of 1.7 million square feet and gross development value of ₹4,270 crores, for which the approval process has started. Additionally, the company has a land bank of 11.1 million square feet. The company recently acquired land from Tata Communications in Vikhroli, Mumbai.
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