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Realty developer Arvind SmartSpaces has entered into two separate agreements to develop projects on a total of 340 acres in Surat and Ahmedabad with cumulative topline potential of over Rs 1,350 crore.
Of these two projects, the company has inked a pact to undertake a large horizontal multi-use golf themed development, including plotted and villa project in Surat, with a total estimated area of over 300 acre and a topline potential of Rs 1,100 crore. The project location has a well-developed connectivity with various parts of Surat with close proximity to the industrial cities of Ankleshwar and Bharuch. The project in northern Surat along the NH-48 is signed under the joint development model.
The project in Surat marks an entry of the company into this market, which will be the third city of Gujarat in its portfolio apart from Ahmedabad and Gandhinagar. The second is a plotted development project in Ahmedabad, with a total estimated area of 40 acres and a revenue potential of Rs 250 crore. This project is located in Lakshmanpura and will be the company’s twentieth project in Gujarat. This project is acquired on an outright basis.
With the new project in Ahmedabad, it has 56 million sq. ft. of projects in the this region. The area has a well-developed connectivity with various parts of the city with close proximity to the various business hubs such as Shilaj, Sindhu Bhavan Road and SP Ring Road, among others. The company now is operational in five cities in the country.
Arvind SmartSpaces diversification and the cumulative new business development topline potential stands at Rs 4,150 crore for the current year to date. The company is looking to add more projects in the Bengaluru, Pune and MMR region to its portfolio in the coming quarters. |
