Dhaval Ajmera: From Lazy Real Estate Mogul to Triathlete

Dhaval Ajmera, a prominent figure in the real estate industry, shares his journey from being the laziest person to becoming a triathlete. He emphasizes the importance of discipline, home ownership, and the economic impact of the real estate sector in India.

Real EstateHome OwnershipTriathlonInvestmentAffordable HousingReal EstateOct 15, 2025

Dhaval Ajmera: From Lazy Real Estate Mogul to Triathlete

Real Estate:Whether it is completing a half marathon, closing a multi-crore land deal, or taking a jump of faith from an airplane, Dhaval Ajmera’s life is a testament to the fact that action builds intention. This scion of a real estate giant has shaped skylines across Mumbai, London, and Bahrain, and also completed two half-Ironman races, a gruelling 113 km combination of swimming, cycling, and running, in little over a year.

Ajmera’s high-stakes business success is built on two core principles – extreme personal discipline and an unwavering belief in the importance of owning a home in the Indian psyche. In a candid interview with Abhishek Singh, Deputy Editor of LiveMint for Mint's Rollin' with the Boss series, Ajmera spoke about many things, including the connection between his rigorous fitness routine and his firm views on property, especially why he believes buying a home is an Indian imperative.

Ajmera’s journey to becoming a triathlete started late. “It is a very funny thing that probably up until when I was about 27−28 years, I was the most laziest person ever,” he admitted. It took constant nudging from his wife and inspiration from a business partner who was passionate about running to get him to start. This simple activity quickly transformed into a powerful tool that helped him manage the intense stress that came with a high-pressure career. He is Director, Corporate Affairs for Ajmera Realty, a family-managed business empire.

For a leader in the real estate business, which faces new problems and regulations daily, running became his ultimate stress buster and a unique space for strategic thought. “For me, running became like a tool for help... How can I grow in life? It’s completely meditating,” he said. He spoke about how running gave him the space to step back and process business strategies, as he turned physical exhaustion into mental focus. This desire to push himself led him to give the prestigious Half Ironman a shot at the age of 43. The preparation was intense. Dhaval onboarded a dedicated team of coaches and nutritionists who drew up a rigorous training schedule that he adhered to with discipline.

The ultimate win came at his first race in Barcelona. Battling anxiety during the open-sea swim, he almost gave up. He realised he couldn’t let six months of training go to waste. He fought through the waves and the pressure, finishing the race and achieving a high he compares only to the sense of accomplishment from completing his first major construction project at 21.

Ajmera’s philosophy on life and business converged sharply on the issue of home ownership. Speaking on the highly debated topic of renting versus buying a home, he felt that the value of owning a property, especially in India, far outweighs the financial arguments for renting. When asked about the widely cited mathematics behind low rental yields in expensive real estate markets like Mumbai, which might offer only 1.5 to 3 per cent on the property’s value, he dismissed this as a short-sighted approach.

“Looking just at the rental yield is perhaps a wrong way to look at this,” he said. When one factors in the property’s appreciation, the tax benefits from depreciation, and the stability of a tangible asset, the total Return on Investment (ROI) surpasses the rental yield. “If I put all that math together, you will still come to a return of 8-9 per cent or more... This is an asset which is with you. So, touch and feel is, in my opinion, very, very important,” he further added. This is compounded by the deep-seated cultural imperative that Indians have for roti, kapda aur makaan. He said that for 99 per cent of Indians, regardless of their profession or income, the need for apna ghar is the ultimate measure of having ‘grown in life’.

For those looking to invest into real estate, Ajmera felt that the current economic climate is a good time for real estate in Mumbai and across India, predicting a strong growth period for the next 7-10 years. “Mumbai real estate is, I would say, trumping and thriving. It is actually one of the best times for real estate in Mumbai,” he said. This growth is being driven by factors beyond just financial yield. He cited numerous reasons including India’s post-COVID economic boom, coupled with the sheer size of the population, and the government’s focus on ‘Housing for All’.

He also welcomed the recent GST reforms, which he feels will bring liquidity into the market. Even a minor reduction in the tax burden allows thousands of crores to rotate back into the system every month, fuelling consumption. “You’re looking at ₹12,000 crore coming in the system every month. That means this money is going to rotate,” he said. In addition to providing housing, the real estate sector also acts as a job creator, directly and indirectly supporting 270 allied industries, from cement and steel to tiles and glass. “What agriculture is to the rural economy, real estate is to the urban economy,” he said.

When asked to define affordable housing, Ajmera felt the current definition is capped by both size of the home and its price. He felt that a price cap of ₹45 lakh is unrealistic in a Tier 1 city like Mumbai. He felt that the price cap should be removed and affordable housing should be categorised by the size of the apartment. A 400 square foot house is a compact, affordable unit, regardless of the market price of homes in that city. “This small change would automatically bring over 60 per cent of apartments nationwide into the affordable bracket, quickly accelerating housing development and delivering the much-needed supply,” he said.

For the Ajmera Group, an upcoming development on a 100-acre land parcel in Wadala, Mumbai is something they are looking forward to. The reason for this is that it is a rare opportunity to build a township which is essentially a large, self-contained community with expansive open spaces and shared amenities. Ajmera felt that such townships are rare to find in cities like Mumbai. “There is the largest garden of Mumbai which is already existing. It’s a 33 acre garden which we handed over to the government,” he said. This location is set to become the city’s next business hub, chosen by the MMRDA, due to its connectivity to all parts of Mumbai, as it has access to the eastern and western express highways and the new Atal Setu sea link, which has cut travel time to the upcoming Navi Mumbai airport to just 30 minutes from Wadala.

Ajmera is the second generation heir of a 55-year-old family business structure with 16 family members across three generations. When asked about how it is to work in a set-up with three generations, he said: “I feel working in a joint family, a family business, gives you a lot of added advantages – in terms of experience, in terms of values, in terms of ethics, which probably when you are doing it alone, then you may sway away.” On a personal level, while his work and fitness are driven by discipline, he admitted to being a passionate foodie. “I am a foodie. I love eating. I love trying out new things. I'm burning so much calories, I deserve to eat them,” he said. His biggest thrill outside of work is adventure sports, specifically bungee jumping and skydiving.

Frequently Asked Questions

What inspired Dhaval Ajmera to start running?

Dhaval Ajmera was inspired to start running by constant nudging from his wife and inspiration from a business partner who was passionate about running. Running quickly became a powerful tool for managing stress and providing strategic thinking space.

Why does Dhaval Ajmera believe in the importance of home ownership in India?

Dhaval Ajmera believes that owning a home in India is a deep-seated cultural imperative and a measure of personal growth. He also factors in the property’s appreciation, tax benefits, and stability as key financial advantages.

What is Dhaval Ajmera's view on the current real estate market in Mumbai?

Dhaval Ajmera feels that the current economic climate is a good time for real estate in Mumbai, predicting strong growth over the next 7-10 years. He cites factors like India’s post-COVID economic boom and the government’s focus on ‘Housing for All’.

How does Dhaval Ajmera define affordable housing?

Dhaval Ajmera believes that the current definition of affordable housing, which is capped by both size and price, is unrealistic in Tier 1 cities like Mumbai. He suggests that the price cap should be removed and affordable housing should be defined by the size of the apartment.

What are Dhaval Ajmera's personal passions outside of work?

Dhaval Ajmera is a passionate foodie and enjoys trying out new things. His biggest thrill outside of work is adventure sports, specifically bungee jumping and skydiving.