A 150-acre tract of land in Gujarat has been purchased by listed real estate developer Arvind SmartSpaces, who intends to build a plotted development project with an estimated sales value of Rs. 600 crore.
The seller's name and the deal value were not disclosed by the corporation.
According to the firm, the project has a saleable area of 6.6 million square feet and spans 150 acres. It was purchased outright and is situated on Ahmedabad's Sanand-Nalsarovar Road.
The company claims that the project is well situated about 30 kilometers from Nalsarovar Lake and 15 kilometers from Sanand. The area, which is well-known for its natural appeal and closeness to the Nalsarovar Bird Sanctuary, is poised for revolutionary growth that strikes a balance between ecological preservation and contemporary infrastructure, according to the business.
According to the report, the corridor's proximity to important industrial centers and improved connectivity create a fundamental need for horizontal real estate.
In a regulatory filing, the company stated, "signed a new residential plotted development project in Ahmedabad, with a total estimated area of 150 acre and a topline potential of Rs. 600 crore."
Kamal Singal, Managing Director and CEO, Arvind Smartspaces says, “We are happy to announce the acquisition of this residential plotted development project in the high-potential Sanand-Nalsarovar market of Ahmedabad. The Ahmedabad region continues to offer compelling growth opportunities for horizontal real estate, driven by strong infrastructure development and a thriving industrial ecosystem. With this acquisition, our year-to-date (YTD) project addition value now stands at Rs. 4,450 crore, making it our biggest ever business development year”.
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