Arvind SmartSpaces Ltd (ASL) has bought 35 acres of land in Pune for Rs 100 crore. In a statement, ASL said it has finalised a binding agreement for an outright purchase of this land parcel at Bhugaon in Pune.
The company will develop a luxury villas project with a development potential of 1.3 million square feet.
This will be the second residential project in the city.
The company will fund the project with a mix of surplus from equity, internal accruals and fresh debt.
ASL has about 25 million square feet of real estate development across Ahmedabad, Gandhinagar, Bengaluru and Pune.