Ajmera Mayfair Realty Group increased investment in Bahrain

 

Ajmera Mayfair Realty Group increased investment in Bahrain

After the landmark visit of his Majesty The King of Bahrain to India, real estate firm Ajmera Mayfair Realty Group increased investment in Bahrain Bay from USD30 MLN to USD300 MLN, with execution of a commercial high rise tower by year end.

One of India’s largest real estate firms, the Ajmera Mayfair Realty Group, confirmed their interest to increase their current investment in Bahrain Bay Development from USD 30 Mln to USD300 Mln. They also announced the commencement of construction of a 50-storey high-rise commercial tower by the end of this year. This news came after Ajmera Mayfair Realty Group met with His Majesty, King Hamad bin Isa Al Khalifa on his landmark visit to India accompanied by a high profile business delegation that included CEO of Bahrain Bay Development.

Allied in a strategic partnership, the Ajmera Group and Mayfair Housing, both well-reputed amongst India’s leading real estate developers, have now formed the Ajmera Mayfair Realty Group and have jointly invested in the purchase of a waterfront land parcel at Bahrain Bay.

Mr. Rajnikant Ajmera and Mr. Nayan Shah, representing the new entity, met His Majesty, King Hamad bin Isa Al Khalifa in New Delhi during his visit. “ We are honoured to meet His Majesty and especially for the opportunity to talk and learn of his far sighted vision for the economic progress of Bahrain. We are deeply impressed and in awe of his wisdom, his support for the real estate sector and proud to be associated with a country lead by such a visionary leader. We have reaffirmed to His Majesty our interest in the Bahrain Bay project, a unique waterfront development that encouraged us to choose it as our first overseas investment destination. Bahrain Bay’s pace of progress has given us the confidence to increase our investment from USD30 Mln to USD300 Mln with plans to commence construction of our commercial high rise tower by the end of the year.

We were also attracted by the fact that Bahrain is well known as a gateway to the Middle East with business friendly laws making it one of the most open economies in the region. Powered by a strong set of legislative policies the Kingdom of Bahrain is considered to be on par with international standards with liberal laws for labour and human development which spurs business prosperity. Bahrain Bay has remained stable through the economic challenges of the last decade, inspiring public confidence and bringing in a network of strong and trusted partners and investors.

A visionary masterplan, a strong core of corporate best practices, ethics and technical values, a distinct infrastructure developed on the equation of sustainability, a dedicated team of professionals which include consultants from the best international schools of thoughts, a friendly, hands on approach of management - all these factors differentiate Bahrain Bay to make it one of the best investment destinations.”

Bahrain Bay is prominently located in the North East and heart of Manama city, the political and financial capital of Bahrain and is currently valued at $2.5 billion. The masterplan combines the magical waterfront location with the reflection of Bahrain’s heritage. It is uniquely designed around vibrant neighbourhoods of residential, commercial, leisure and retail spaces, tourism facilities as well as open spaces, public realms to serve the interests of its residents and visitors alike, which take care of most needs of a consumer, adding tremendous value socially and economically. Bahrain Bay will serve as an iconic landmark that will add value to the legacy, the community and the future generation of Bahrain.

Bahrain Bay CEO expressed his pleasure to be part of the high profile business delegation that accompanied His Majesty on his visit to India where he had the opportunity to meet with potential investors as well introduce one of the major Indian investors to His Majesty the King. He welcomed the confidence displayed by Ajmera Mayfair adding. “We are pleased to have AMRG amongst our list of investors in Bahrain Bay. The strategic initiatives and value enhancement projects that we have undertaken with them will produce some brilliant new concepts and ideas.

The Ajmera Group (AMRG) recognized as one of India's leading real estate companies and ringing in an accomplishment of 45 million sq ft, has established a strong presence in major Indian cities with renowned residential, commercial and township projects. Partnering with them is Mumbai-based Mayfair Housing, in the business of real estate development since 1964, offering modern concepts and techniques in construction techniques, architectural and management requirements. Winner of various Real Estate awards, it has clocked in an impressive 6.8 million sq ft. work done, 16 Housing Societies Redevelopment, 23 Housing Societies under Mayfair Upgrade.

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