CARVING LEGACIES & CRAFTING LIVABLE SPACES THE AJMERA VISION FOR REAL ESTATE
Dhaval Ajmera, Director of Ajmera Group and Honorary Secretary of CREDAI-MCHI, represents the third generation of a family-driven enterprise that has been shaping skylines across India and beyond. With over 55 years in real estate development, the Ajmera Group has been instrumental in crafting landmark townships and pioneering new urban spaces. In this candid conversation with Homes & Buildings Network, he shares insights on the group’s evolution, its unwavering commitment to quality and comfort, and how the shifting aspirations of homebuyers are redefining the real estate landscape.
Q: Ajmera Group has been a significant force in Mumbai real estate for over five decades. Could you take us through the journey of its evolution and the key milestones along the way?
Our journey in real estate began 55 years ago, founded by my uncle, the late Chhotulal Ajmera. What started as a proprietorship gradually evolved into a partnership as more family members joined the business, eventually transitioning into a private limited company and, today, a listed entity.
Over three generations, the Ajmera Group has remained a family-run business that has expanded its reach while maintaining its core values. We have been pioneers in township development, crafting self-sufficient communities that transform neighbourhoods. Our projects in Mumbai, Pune, Bangalore, Rajkot, Surat, Ahmedabad, London, and Bahrain are a testament to our vision. Having delivered over 45,000 homes, we have earned the reputation of “Pin Code Creators”, with our large-scale developments influencing the establishment of new postal codes.
From executing 5,000- to 10,000-unit residential townships to shaping micro-markets, our journey has been about delivering not just homes but a lifestyle that enhances the way people live and interact with their surroundings.
Q: Consumer preferences vary across different micro-markets. How does Ajmera Group ensure that its projects align with evolving buyer demands?
Before launching any project, we conduct an in-depth market survey to understand buyer preferences in that specific locality. This involves analysing the demographics, aspirations, and affordability levels of potential homeowners.
For instance, in Juhu, one-bedroom apartments hold little demand as the market is inclined towards larger homes. Conversely, compact homes with efficient layouts are the norm in emerging suburban areas. With advancements in real estate analytics and data-driven insights, we can now access detailed buyer behaviour patterns, helping us craft homes that align with market trends and customer expectations.
Additionally, differentiation is key. If every developer in a locality builds identical apartments, there’s no unique selling proposition. Hence, we integrate balconies, terraces, smart layouts, and innovative designs that cater to varied customer segments. However, pricing remains paramount—value for money must justify the offering.
Q: Has the demand for homes changed post-pandemic compared to pre-COVID times? If so, how has Ajmera Group adapted to this shift?
Absolutely. Pre-COVID, many young professionals, especially in Mumbai, preferred to rent homes closer to work, friends, and social life rather than invest in property. High real estate prices meant that buying a home wasn’t a priority. Instead, investments were directed towards mutual funds, stocks, and alternative assets. However, the pandemic fundamentally altered this mindset. During lockdowns, people realised that a home was their ultimate security.
It wasn’t just an asset—it was a shelter, an office, a school, and a sanctuary. This newfound appreciation for homeownership led to a surge in demand across all segments. Additionally, homeowners who previously lived in compact apartments sought more space. Families that had managed in a one-bedroom home wanted to upgrade to a two-bedroom. Those already in two-bedroom apartments wanted an additional study or home office. This shift has driven unprecedented growth in the real estate market over the last few years, not just in Mumbai and MMR, but across India. Today, owning a home isn’t just about investment—it’s about stability, security, and a future-proof lifestyle.
Q: With changing buyer expectations and evolving market trends, where do you see the Ajmera Group heading in the next decade?
The next decade will be about innovation, sustainability, and technological integration. As buyers become more digitally savvy, developers must integrate smart home features, green building technologies, and sustainable materials into their projects. We are already witnessing shifts in demand towards integrated townships, mixed-use developments, and wellness-focused residential spaces. The post-pandemic buyer seeks holistic living environments that blend comfort, security, and convenience. As a legacy brand, Ajmera Group remains committed to creating landmark developments that stand the test of time, ensuring that we continue delivering homes that enrich lives and communities.
Q: How do you view the evolving relationship between developers and channel partners in today’s real estate market?
Thanks to the RERA Act, the role of channel partners (CPs) has become more structured and professional. Earlier, many developers and CPs operated with fewer regulations, leading to process inconsistencies. Now, both developers and CPs are subject to RERA, ensuring transparency and accountability. This has had a profound impact. Channel partners now have a defined role, ensuring they provide accurate project information and build customer trust. The relationship between a developer and a CP is symbiotic. While a developer may have market reach, channel partners have their own networks and client base, enabling projects to be marketed across different geographies, sometimes beyond the developer’s direct outreach. Ultimately, a strong developer-CP relationship benefits both parties. Developers can scale their sales, while CPs can enhance their credibility by associating with reputed projects. This is why it is crucial for both to work with the right partners. CPs stake their reputation on a developer’s ability to deliver on promises of quality, pricing, and timelines.
Q: Over the last decade, real estate has undergone massive policy transformations. How have key reforms like RERA, GST, and demonetisation impacted the industry?
The last decade has been transformative for real estate. RERA, GST, and demonetisation have played a crucial role in formalising the sector, increasing transparency, and instilling confidence among homebuyers and investors. Before RERA, customers often faced uncertainties regarding project delays, hidden costs, and misleading advertisements. Now, with mandatory disclosures and accountability, buyers have direct access to a project’s legal status, financial health, and delivery timelines. This has improved trust between developers and customers. While a well-intended reform, GST remains a challenge due to its structure. While developers pay 18% GST on materials and services, they cannot claim input tax credit (ITC), which increases overall project costs. This burden is ultimately passed on to the buyer. A more balanced GST policy, allowing for adjustment of ITC, would significantly improve affordability. Demonetisation had a short-term impact, causing temporary disruptions, but in the long run, it has helped curb unaccounted transactions, pushing real estate further into the formal economy. Today, home purchases are increasingly digital and transparent, creating a cleaner, more organised market.
Q: Premiums in Mumbai significantly impact real estate costs. How is your group navigating this challenge while keeping projects accessible to homebuyers?
Mumbai’s high development premiums remain one of the most significant barriers to affordability. Unlike Bangalore, Delhi, Chennai, and Ahmedabad, where developers do not have to pay such exorbitant charges, Mumbai’s development framework requires payments linked to FSI (Floor Space Index) and ready reckoner rates. For example, if I own a 10,000 sq. ft. plot in Mumbai, I can build up to 30,000 sq. ft., but I must pay premiums on 20,000 sq. ft., drastically increasing project costs. In contrast, in cities like Bangalore, I could develop the same 30,000 sq. ft. without incurring these additional costs. This discrepancy raises housing prices in Mumbai beyond the reach of many buyers. When the Maharashtra government reduced premiums by 50% during COVID-19, we saw a surge in project launches and sales. This proved that rationalising premiums can boost supply and affordability. We have consistently urged the government to consider a permanent 50% reduction in premiums, which would positively impact demand and housing affordability.
