Ajmera Wadala plan outlines estimated Rs 18,295 crore GDV pipeline

Ajmera’s Wadala plan outlines an estimated Rs 18,295 crore gross development value (GDV) pipeline across 42.2 lakh square feet, beginning with a Rs 4,104 crore Boutique Office Phase 1 launch planned for Q4 FY27, with remaining office and residential phases indicated from FY28 onward.

What is Ajmera's Wadala development plan?

Ajmera's Wadala plan comprises 42.2 lakh square feet of estimated carpet area and Rs 18,295 crore of estimated GDV, with 100% ownership shown for the site in the development-potential schedule. The plan divides the site between 20.6 lakh square feet of Boutique Office development and 21.6 lakh square feet of upcoming phases.

The two Boutique Office phases account for Rs 8,712 crore of the total estimated GDV and 20.6 lakh square feet of carpet area. Boutique Office Phase 2, Ultra Luxury and the upcoming Manhattan phases together represent Rs 14,191 crore of estimated GDV. Ajmera identifies the 21.6 lakh-square-foot Ultra Luxury and Manhattan components as upcoming residential and uber-residential development in its wider Wadala schedule.

When will Ajmera launch the Wadala projects?

Ajmera plans to launch Boutique Office Phase 1 in Q4 FY27, while it identifies the balance of Wadala potential for phased execution from FY28 onwards over about three years. Phase 1 carries 10.3 lakh square feet of carpet area and Rs 4,104 crore of estimated GDV. The development-potential table separately states that the 21.6 lakh-square-foot Wadala residential and uber-residential component is planned for phase-wise launch within one to three years.

The potential-launches schedule labels the matching Rs 4,104 crore project as the Mumbai South Central Boutique Office, with a Q4 FY27 estimated launch and Q4 FY32 estimated completion. That schedule gives a 10.27 lakh-square-foot carpet-area estimate, versus the 10.3 lakh-square-foot rounded figure in the Wadala outlook. Boutique Office Phase 2, Ultra Luxury and the upcoming Manhattan phases are each marked “to be launched” in the Wadala phase table, without individual quarter or completion dates.

Phase 1 is therefore the only Wadala component with a stated FY27 launch quarter. The later three components have combined estimated GDV of Rs 14,191 crore, but their timing remains a one-to-three-year phase-wise plan rather than a fixed launch calendar. The presentation distinguishes the planned Q4 FY27 office launch from subsequent Wadala monetisation.

How does Ajmera's future Wadala pipeline compare with current projects?

Ajmera lists four Wadala projects as ongoing or occupancy-certificate received, with combined stated GDV of Rs 3,945 crore. Greenfinity CD, launched in 2021 and completed in October 2023, is listed as 100% sold with Rs 183 crore of GDV. Manhattan 1, launched in 2022, is listed as 95% sold and has estimated completion in June 2027.

Manhattan 2 has the largest stated GDV among these four projects at Rs 1,870 crore, while its inventory sold percentage of 56% is below Manhattan 1's 95% and Greenfinity AB's 94%. The future Wadala plan's Rs 18,295 crore estimated GDV is Rs 14,350 crore above the Rs 3,945 crore total for the four listed projects. The later phases have not yet received individual launch dates.

How does Wadala fit Ajmera's wider development pipeline?

Ajmera's development-potential schedule shows Rs 21,199 crore of estimated GDV across 70.2 lakh square feet, including Wadala and Rs 2,904 crore of residential projects at multiple locations planned for FY27 launch. Wadala contributes Rs 18,295 crore of that total. The other FY27 launches cover 28.0 lakh square feet and carry ownership stakes of either 100% or 70%, compared with the stated 100% Wadala stake.

The presentation separately reports Rs 10,518 crore of total revenue potential, split between Rs 3,510 crore from occupancy-certificate received and ongoing projects and Rs 7,008 crore from potential launches. These revenue-potential figures are separately presented from Wadala's Rs 18,295 crore estimated GDV. Ongoing projects include Rs 1,539 crore from committed sales and Rs 1,960 crore from unsold inventory, envisaged over the next 48 months.

Management's FY27 sales guidance is Rs 2,200 crore, compared with Rs 370 crore of sales value reported for H1FY27. It also shows FY27 project-additions guidance of Rs 1,800 crore, against Rs 389 crore reported in H1FY27, and a debt-to-equity ratio of 0.44 times in H1FY27. These figures provide near-term context, while the Wadala plan extends beyond FY27 through later phased launches.

Conclusion

Ajmera's disclosed Wadala blueprint combines a near-term 10.3 lakh-square-foot Boutique Office launch with later office, Ultra Luxury and Manhattan development. The Rs 18,295 crore estimated GDV is Rs 14,350 crore above the Rs 3,945 crore GDV of the four listed ongoing or occupancy-certificate received Wadala projects, placing the later phases at the centre of the site’s stated development potential.

What to watch next is the planned Q4 FY27 Boutique Office Phase 1 launch, which the potential-launches schedule estimates will complete in Q4 FY32. Ajmera has not provided individual launch quarters or completion dates for the Rs 14,191 crore of later Boutique Office Phase 2, Ultra Luxury and Manhattan components, which are listed as to be launched or planned within one to three years.