Ajmera has Rs 3,499 crore potential across nine projects

Ajmera reported Rs 3,499 crore of revenue potential across nine ongoing projects as on 30 September 2026, comprising Rs 1,539 crore of balance revenue recognition on committed sales and Rs 1,960 crore of estimated sale value from unsold inventory; Manhattan 2 accounted for the largest Rs 1,521 crore.

How is Ajmera's Rs 3,499 crore revenue potential composed?

Ajmera's Rs 3,499 crore ongoing-project potential combines Rs 1,539 crore of balance revenue recognition on units already sold with Rs 1,960 crore of estimated sale value from unsold stock. The calculation starts with a Rs 3,968 crore sales book as on 30 September 2026, against which Ajmera had recognised Rs 2,430 crore of revenue.

The nine projects contained 21,01,137 square feet of carpet area, of which 15,64,474 square feet had been sold and 5,36,663 square feet remained unsold. The unsold area carried the reported Rs 1,960 crore estimated sale value, while the balance on sold units represented the Rs 1,539 crore yet to be recognised.

Ajmera said the Rs 3,499 crore for ongoing projects was envisaged over the next 48 months. That disclosure is separate from Eden, an occupancy-certificate-received project with Rs 11 crore of remaining revenue potential, all from committed sales and none from unsold inventory.

Which project contributes most to Ajmera's revenue potential?

Manhattan 2 contributes the most, with Rs 1,521 crore of revenue potential as on 30 September 2026. Its total consists of Rs 650 crore of balance revenue recognition from its Rs 998 crore sales book and Rs 872 crore of estimated sale value from 2,37,460 square feet of unsold carpet area.

Manhattan 2 was 39% complete as on 30 September 2026 and had sold 2,99,305 square feet out of a total 5,36,765 square feet. The project update puts inventory sold at 56%, with excavation and building raft work in progress and a disclosed project timeline of November 2030.

Manhattan 1, by comparison, had Rs 284 crore of potential against Manhattan 2's Rs 1,521 crore. It was 94% complete in the revenue table, had sold 4,92,407 square feet of its 5,20,854 square feet, and carried Rs 177 crore of balance recognition plus Rs 107 crore of estimated value from its remaining 28,447 square feet.

The project updates show different sales and construction positions for the two projects. Manhattan 1 had 95% inventory sold and a June 2027 timeline, whereas Manhattan 2 had 56% inventory sold and a November 2030 timeline, with Manhattan 2 retaining 2,37,460 square feet of unsold carpet area.

How do Ajmera's other ongoing projects compare?

33Fifteen is the second-largest contributor after Manhattan 2, with Rs 441 crore of revenue potential. Its Rs 112 crore sales book had Rs 18 crore of recognised revenue, leaving Rs 94 crore to be recognised, while 48,784 square feet of unsold area had an estimated sale value of Rs 346 crore.

Vann by Ajmera and Solis – Phase 1 followed at Rs 430 crore and Rs 382 crore, respectively. Vann by Ajmera had Rs 18 crore of balance recognition and Rs 412 crore of estimated unsold value, while Solis – Phase 1 had Rs 313 crore of balance recognition and Rs 69 crore of estimated unsold value.

Marina accounted for Rs 214 crore, comprising Rs 132 crore of balance recognition and Rs 82 crore of estimated value from unsold inventory. Vihara's Rs 133 crore included Rs 92 crore from committed sales and Rs 41 crore from unsold stock, while Greenfinity AB and Iris had the smallest reported potential at Rs 49 crore and Rs 45 crore, respectively.

What do sales levels and construction updates show for Ajmera's pipeline?

Ajmera's higher-completion projects had relatively smaller reported revenue potential in the disclosed project set. Iris was 84% complete with 94% inventory sold and Rs 45 crore of potential, while Greenfinity AB was 86% complete and had Rs 49 crore of potential.

Vann by Ajmera was 19% complete, with 4% inventory sold in the project update, and had Rs 430 crore of potential. Its stated construction status was shore piling and excavation work in progress, with a May 2031 disclosed timeline; Rs 412 crore of its potential was tied to unsold inventory rather than committed sales.

33Fifteen had 25% inventory sold in the project update, compared with 27% completion in the revenue table. Its September 2029 disclosed timeline and Rs 346 crore estimated sale value from unsold stock account for most of its Rs 441 crore potential.

Solis – Phase 1 had 87% inventory sold in the project update, while the revenue table showed Rs 313 crore of committed-sales revenue awaiting recognition. With excavation and building raft work in progress and a May 2031 disclosed timeline, committed sales represented most of its Rs 382 crore revenue potential.

Conclusion

Ajmera's disclosed ongoing-project potential was concentrated in Manhattan 2, which represented Rs 1,521 crore of the Rs 3,499 crore total as on 30 September 2026. Across the portfolio, Rs 1,539 crore was linked to committed sales awaiting recognition and Rs 1,960 crore depended on the estimated sale value of 5,36,663 square feet of unsold inventory.

The disclosed items to watch next are execution and sales in projects with later timelines, including 33Fifteen in September 2029, Manhattan 2 in November 2030, and Solis – Phase 1 and Vann by Ajmera in May 2031. Ajmera also listed eight potential FY27 launches with combined estimated gross development value of Rs 7,008 crore, separate from the ongoing-project total.