Ajmera Realty plans ₹4,104 crore Wadala office phase for early 2027

Ajmera Realty & Infra India Limited plans to launch the first phase of its boutique office project at Wadala, Mumbai, in the January to March 2027 quarter, the company said in a development-potential presentation dated 4 November 2026. The phase carries an estimated gross development value (GDV) of ₹4,104 crore and about 10.3 lakh sq ft of carpet area. The company also refers to the same project as Mumbai South Central Boutique office in its FY27 schedule.

Timing and value have both moved

In its first-quarter FY27 presentation, the company had shown the same phase for Q3 FY27, which runs from October to December 2026. Its figures then were an estimated GDV of ₹3,650 crore and 9.8 lakh sq ft. Guidance given at the FY26 results call had also pointed to Q3 FY27. The latest filing moves the launch to Q4 FY27 and raises the estimated GDV by about ₹454 crore. The company estimates completion in Q4 FY32.

The product is a boutique commercial office sold in strata units, meaning individual units are sold to separate buyers rather than the whole building to a single buyer. It is not a residential project, so home buyers will not be directly affected. The company has not yet disclosed unit sizes, floor counts or a price band for the phase.

The company describes all eight of its potential FY27 launches as estimates. Launch quarters, completion dates, GDV and carpet area can change before a project is registered and launched.

A larger Wadala plan with later phases

Ajmera puts the estimated GDV of its full Wadala development plan at ₹18,295 crore. The plan covers 42.2 lakh sq ft of carpet area across two boutique office phases, an ultra-luxury development and future Manhattan phases. The site is split between about 20.6 lakh sq ft of boutique office space and 21.6 lakh sq ft for upcoming phases. Earlier company disclosures put the Wadala total at ₹17,841 crore and ₹18,594 crore, so the latest figure is the one used here.

The later phases are listed without launch quarters. Boutique Office Phase 2 is shown at ₹4,608 crore on about 10.3 lakh sq ft, Ultra Luxury at ₹6,383 crore on about 12.6 lakh sq ft, and the upcoming Manhattan phases at ₹3,200 crore on about 9 lakh sq ft. The company says these will be launched from FY28 over about three years. In November 2025, the company had described a boutique office of over 6 lakh sq ft with an estimated GDV of ₹1,800 crore, which shows how the scope has grown since then.

Existing Wadala towers are further along. The company's project data shows Manhattan 1 at 95% sold with completion due in June 2027, and Manhattan 2 at 56% sold with completion due in November 2030. Greenfinity AB is 94% sold, with completion due in September 2027.

Connectivity and the risks in the plan

Wadala is the western terminus of the Monorail. Metro Line 4, from Wadala to Kasarvadavali in Thane, is under construction, with a target around 2027. An earlier target was 2025, so the date is not settled. Metro Line 11, from Wadala to CSMT, has been approved, but no construction timeline has been announced. Wadala Road station on the Harbour Line links to CST, Kurla and Vashi.

On its first-quarter call, management pointed to the connectivity of the micro-market to the new airport and BKC. It said: "we are seeing a great demand coming for commercial spaces in this particular micro market because of its connectivity to the new airport and BKC." The same call said the office launch volume for the year had risen from about 4-5 lakh sq ft to about 8 to 8.5 lakh sq ft.

The concentration is high. Phase 1 accounts for about 59% of the company's FY27 launch list. Of an estimated ₹7,008 crore FY27 pipeline, ₹5,613 crore is in Mumbai. The announcement does not set out approval, funding or construction milestones for the phase. Against FY27 project-additions guidance of ₹1,800 crore, the company reported ₹389 crore in the first half of FY27. Its debt-to-equity ratio was 0.44 times in the same half. Home sales make up about 85% of the company's sales, and its first-quarter FY27 consolidated revenue was ₹319.5 crore, up 23% year on year.

What happens next

Under the Real Estate (Regulation and Development) Act, a commercial project above the threshold must be registered with the state authority, MahaRERA, before its units are advertised or booked. Buyers should check for the MahaRERA registration number, the sale price, the carpet area of each unit and the agreed completion date when the phase is listed. The next milestone to watch is the Q4 FY27 launch window, which runs from January to March 2027.