Ajmera Realty & Infra (India) aims to build at least two million square feet of rental assets in Mumbai over the next five to eight years, according to an ETRealty interview published late on 2 October 2026. The ambition is a management target, rather than an announcement that a completed, leased portfolio already exists.
Dhaval Ajmera, the company’s director for corporate affairs, outlined the strategy during an interaction at CREDAI NATCON in Kolkata. ETRealty reported that current rental income is negligible and that the longer-term objective could include a portfolio capable of supporting a real estate investment trust structure.
Approvals remain a near-term milestone
The interview also described a planned Mumbai boutique office launch as dependent on approvals. Management said the wider business would remain predominantly residential, with greater commercial emphasis in coming quarters. The report does not give an exact interview date or establish that the contemplated rental assets have all received approvals.
That chronology matters. The publication time makes the interview an overnight development for readers, but it does not turn each element of management’s strategy into a newly sanctioned project.
What a rental portfolio would change
BrickBharat’s assessment is that the most useful distinction is between selling a property and retaining it for income. A sale creates a transaction with a purchaser. A retained asset requires the owner to manage the property and attract tenants over time. These are different operating responsibilities, even where the same developer constructs the building.
A rental strategy should therefore be evaluated through more than floor area. Readers would need to know which buildings are retained, what uses they accommodate, when they become operational and how much space is actually occupied. Those details would make it possible to assess whether a stated development ambition is becoming a functioning business.
Two million square feet alone does not indicate annual rental receipts. It also provides no reliable basis for calculating returns without information about development costs, rents, occupancy, operating expenses and financing. Applying an assumed market rent to the entire target would produce a hypothetical estimate, not a verified company forecast.
A possible REIT is a later-stage question
Management’s reference to a potential REIT structure is best read as a strategic direction. It is not evidence that a trust has been established, a listing application submitted or units offered to investors.
For readers following the company, the relevant next evidence would be specific disclosures identifying assets and their ownership arrangements. A later statement about an investment vehicle would need to be evaluated separately from the present development target. The existence of rent-producing buildings and the formation of a financial structure around them are separate milestones.
What Mumbai readers should watch
The most informative future announcements would identify locations, project scope, approval status and expected operating timelines. Those would allow occupiers to consider practical factors such as access, usable space and suitability for their business. A broad Mumbai portfolio ambition cannot answer those property-level questions.
Nor does the strategy establish that rents across Mumbai will rise or fall. Its local implications will depend on where the buildings are developed and the amount of competing space available when they open.
For now, the news is a reported intention to expand recurring-income assets alongside the developer’s existing business. BrickBharat will treat completed construction, tenant commitments and operating income as subsequent evidence of execution, rather than assume that the long-term target has already been achieved.
Sources and verification
- ETRealty — management interview: published 2 October 2026, 11:05 PM IST; no separate update time displayed. Interview conducted at CREDAI NATCON in Kolkata; exact interview date not specified.
- An official filing confirming this particular rental target was sought but not located. The strategy is explicitly attributed to management’s reported interview. BrickBharat’s analytical sections explain how to assess the ambition; they do not independently confirm execution.