Thursday, September 28, 2023
HomeNewsTop NewsArvind SmartSpaces acquires 35 acres in Pune for Rs 100 crore

Arvind SmartSpaces acquires 35 acres in Pune for Rs 100 crore

Arvind SmartSpaces, has acquired a 35-acre land parcel in Pune for Rs 100 crore for its second real estate project.

A binding agreement for the outright purchase of the land in the Bhugaon micro-market of Pune was signed recently. The land parcel has a development potential of 1.3 million sq ft.

“This will be our first large horizontal residential development project in the city, which will consist of residential villas,” Kamal Singal, MD of Arvind SmartSpaces, told ET. “After Bengaluru and Ahmedabad, Pune and the Mumbai Metropolitan Region (MMR) are our new growth markets, and we intend to increase our footprint in these markets by investing aggressively as part of our current investment cycle.”

Arvind SmartSpaces has already paid a token amount as part of the binding agreement. The company is planning to finance the project through a mix of surplus from equity, internal accruals and fresh debt.

“We considered various factors before selecting Bhugaon as the location for the project,” said Singal, who is also the CEO. “The key amongst which was the fact that the micro-market is in close proximity to the key IT hub of Hinjewadi, with several large developments. Mulshi Road is also one of the fastest-growing villa and plot development destinations in Pune.”

Pune has emerged as a high-growth property market with residential sales and launches rising by nearly 40% and 18% jumps, respectively, in 2021.

Apart from Pune-based real estate developers, several large developers from other cities too have ventured into this property market.

Arvind SmartSpaces had forayed into the Maharashtra market in early 2019 with the launch of its ‘Elan’ project in Pune. The project has a total built-up area of 130,000 sq ft. Located in the Kothrud area, the luxury project has 81 2BHK apartments.

For the quarter ended December, the company reported a 10% year-on-year increase in fresh sales at Rs 158 crore, aided by successful launches of new phases in its existing projects in Ahmedabad.

Net profit for the quarter increased by 18% to Rs 5.9 crore. The company also reported a 47% jump in net collections to Rs 154 crore.

Arvind SmartSpaces has over 25 million sq ft of real estate development across Ahmedabad, Gandhinagar, Bengaluru and Pune.


Most Popular

Hot News