Ajmera Realty & Infra India reported ₹224 crore of sales value in the July–September quarter of FY27, a 69% decline from ₹720 crore a year earlier, according to provisional operating data reported on 10 October. The Mumbai-focused developer sold 72,883 sq ft of carpet area during the quarter, 68% below the 229,772 sq ft recorded in Q2 FY26.
The comparison is unusually demanding because the year-earlier quarter contained a much larger booking base. Even so, the first-half figures show that the gap was not confined to one quarter: H1 FY27 sales value was ₹370 crore, down 55% from ₹828 crore in H1 FY26, while the area sold declined 60% to 116,620 sq ft from 293,016 sq ft.
Sequential improvement offers a partial counterpoint
The quarter-on-quarter movement was more positive. Sales value increased 54% from ₹146 crore in Q1 FY27, and collections rose 10% from ₹173 crore. That sequential recovery indicates an improvement from the June quarter, but it does not erase the much weaker year-on-year comparison.
Collections provide a second lens on operating performance. Ajmera collected ₹190 crore in Q2 FY27, 14% below ₹220 crore a year earlier. For the six months to September, collections were ₹363 crore, down 20% from ₹454 crore. The smaller fall in collections than in bookings can occur because customer payments are linked to construction and payment schedules on sales made in earlier periods; bookings and cash collections therefore should not be treated as interchangeable measures.
The disclosed numbers are operating indicators, not a full set of audited quarterly financial results. They do not by themselves establish revenue, profit, cash flow or leverage for Q2 FY27.
Second-half launches become the key execution test
Dhaval Ajmera, director–corporate affairs at the company, said approvals for upcoming projects were progressing and that proposed launches were expected to support performance in the second half of FY27. The wording matters: proposed launches and expectations are forward-looking, not completed approvals or committed sales.
Ajmera had separately told ETRealty earlier in October that it was targeting ₹2,200 crore of pre-sales in FY27 and expected to invest more than ₹1,000 crore over three to four years across existing projects and new launches. Those figures are management targets, not assured outcomes. With ₹370 crore reported for H1 FY27, meeting the annual pre-sales target would require a materially stronger second half, subject to approval timing, launch readiness, market response and conversion of enquiries into booked sales.
What it means for Mumbai homebuyers and the market
For homebuyers, the update is not evidence that prices at individual Ajmera projects have fallen. Booking value can change because of launch timing, inventory mix, unit sizes and the stage of sales at existing developments. Buyers should continue to verify the relevant MahaRERA registration, sanctioned plans, possession schedule, payment milestones and disclosed encumbrances for the specific project they are considering.
For investors and market watchers, the most useful next checkpoints are the status of project approvals, the timing and scale of new launches, collection efficiency and any update to annual guidance. A large year-on-year decline raises the execution bar, while the sequential pickup suggests the June quarter may not be the only relevant baseline.
The broader implication for Mumbai real estate is narrower than the headline percentage may suggest. This is one developer’s provisional performance and should not be read as a measure of the entire city’s housing demand. It does, however, show how strongly quarterly pre-sales can depend on the release of new inventory in a project-led market.
Sources
- ETRealty — “Ajmera Realty sales value falls 69% to ₹224 crore in Q2 FY27”, published 10 October 2026 at 09:01 IST.
- Reuters via TradingView — “Ajmera Realty & Infra India Q2FY27 sales value stood at ₹2.24 billion”, dated 9 October 2026 on the syndication page.
- ETRealty — Ajmera Realty interview on its Mumbai rental portfolio, investment and FY27 pre-sales target, published in October 2026; used only for clearly labelled management targets.