India, Jan. 30 -- Ajmera Realty & Infra India Ltd (ARIIL) has acquired a land parcel measuring 1,341.1 sq meters for Rs.51 crore in the Ghatkopar East area of Mumbai and plans to develop a luxury housing project with an estimated revenue of Rs.175 crore, the company said in a statement on January 30.

The company said the acquisition was secured through a competitive bidding process with KJ Somaiya Trust. The company announced that the project, yielding a carpet area of 44,000 sq ft, is expected to generate a gross development value of Rs.175 crore.

"With the earnest money paid and an MoU in place, the project is expected to yield a carpet area of around 44,000 square feet, with an estimated GDV (gross development value) of Rs.175 crore,...