Ajmera Realty plans Q4 FY27 launch of Rs 4,104 crore Wadala boutique office phase

What the company has said

Ajmera Realty & Infra India's latest Wadala development-potential presentation, reported on 4 November 2026, lists Boutique Office Phase 1 at Wadala as planned for launch in Q4 FY27. The company is treating the rest of its Wadala potential as phased execution from FY28 onwards, over about three years.

The company's FY27 schedule gives Phase 1 an estimated GDV of Rs 4,104 crore on an estimated carpet area of 10.3 lakh sq ft. The company describes all eight of its potential FY27 launches as estimates, so launch quarters, completion dates, GDV and carpet-area figures are not firm commitments.

Timing and figures have changed

An earlier Q1 FY27 presentation had Phase 1 at a different size and timing. The two sets of figures are set out below.

Management also said on the Q1 FY27 earnings call that the office launch would be larger than earlier plans, moving from about 4 to 5 lakh sq ft of office launch to about 8 to 8.5 lakh sq ft. In November 2025 the company had described a boutique office plan of over 6 lakh sq ft with estimated GDV of Rs 1,800 crore. A later report put the GDV at Rs 5,300 crore on a 16 lakh sq ft master plan.

The wider Wadala plan

The company puts the estimated GDV of its full Wadala development plan at Rs 18,295 crore, covering 42.2 lakh sq ft of carpet area. The latest company schedule shows 100% ownership of the site. Earlier disclosures gave Wadala totals of Rs 17,841 crore and Rs 18,594 crore, reflecting changes in the plan.

The plan divides the site between about 20.6 lakh sq ft of Boutique Office development and about 21.6 lakh sq ft of later phases. The company's wider Wadala schedule lists the following, all marked "to be launched" without a quarter:

• Boutique Office Phase 2: Rs 4,608 crore, about 10.3 lakh sq ft
• Ultra Luxury development: Rs 6,383 crore, about 12.6 lakh sq ft
• Upcoming Manhattan phases: Rs 3,200 crore, about 9 lakh sq ft

Where the project sits in the company's pipeline

Ajmera lists eight potential FY27 launches with combined estimated GDV of Rs 7,008 crore. Mumbai accounts for Rs 5,613 crore of that total. Phase 1 at Wadala makes up about 59% of the FY27 launch list by GDV. A brokerage research note also observed that most FY27 launches are bunched into the second half of the year, and that the Boutique Office (strata sales) makes up about 56% of total launch GDV.

The company behind the project

Ajmera Realty & Infra India Limited was incorporated in 1985. It builds and sells residential property and rents commercial property, operating in Mumbai, Bengaluru and Ahmedabad. Home sales make up about 85% of its sales, and the company says it is shifting toward premium homes and boutique offices.

For the quarter ended 30 June 2026 (Q1 FY27), consolidated total revenue was Rs 319.5 crore, up 23% year on year. The company reported record 9M FY26 sales of Rs 1,431 crore, up 72%. Its FY27 guidance sets sales value at Rs 2,200 crore and project additions at Rs 1,800 crore. Against that project-additions target, the company reported Rs 389 crore in H1 FY27, and a debt-to-equity ratio of 0.44 times.

Existing Wadala projects include Manhattan 1 (completion June 2027, 95% of inventory sold as reported), Manhattan 2 (launched 2025, completion November 2030, 56% sold), and Greenfinity AB (completion September 2027, 94% sold). Greenfinity CD was completed in October 2023.

Location context

Wadala is the western terminus of Mumbai's Monorail. Metro Line 4, running from Wadala to Kasarvadavali in Thane, is under construction, with a target completion around 2027; older reports give an earlier 2025 target, so the date is not settled. Metro Line 11, from Wadala to CSMT, is approved, with no construction timeline announced. Wadala Road station on the Harbour Line connects to CST, Kurla and Vashi. Ajmera's management cites the nearby airport and BKC as drivers of demand for commercial space in the micro-market.

What it means for buyers and investors

Boutique offices are commercial property, not homes. For home buyers, this plan has no direct effect. For investors and the commercial market, the project is a large single-phase office launch in Wadala, with its timing and size still subject to change.

A brokerage research note expects a healthy response at launch because of the project's proximity to BKC, and says a successful launch would help the company beat its pre-sales guidance. Execution risks noted in coverage include approvals, funding and construction milestones for Wadala, which the sources reviewed do not detail for this phase.

What comes next

• Boutique Office Phase 1 launch: planned for Q4 FY27 (January to March 2027), estimated.
• Phase 1 completion: estimated Q4 FY32.
• Later Wadala phases (Boutique Office Phase 2, Ultra Luxury and the Manhattan phases): planned from FY28 onwards over about three years, without individual launch quarters.
• Manhattan 1 completion: June 2027, according to the company schedule.

Buyers and investors should watch for the formal launch announcement, which would be the first point at which pricing, booking terms and project registration details are published.