Arvind Smartspaces signs new housing project in Bengaluru

Arvind SmartSpaces Ltd, a real estate company, has recently entered into a housing project in Bengaluru, which is expected to generate sales worth approximately Rs 400 crore. This project was acquired outright through HDFC Platform 2. In a regulatory disclosure, the company stated that they have entered into a new residential apartment development in Bengaluru, encompassing an estimated saleable area of almost 4.6 lakh square feet, with the potential to generate a revenue of nearly Rs 400 crore.

Kamal Singal, the Managing Director and CEO of Arvind SmartSpaces expressed satisfaction with the progress of the company's diversification efforts, which encompass both horizontal and vertical developments in Bengaluru and Ahmedabad. He noted that the addition of this high-rise project to their portfolio will significantly enhance their presence in the prominent Bannerghatta micro market in Bengaluru. 

Furthermore, Singal mentioned that this acquisition will contribute to the expansion of the company's footprint in South Bengaluru, bringing the total new business development revenue potential for the current year to over Rs 2,800 crore.

He emphasized the robustness of the real estate market, stating that they are well on track to achieve their ongoing business plan, which involves investing Rs 1,000 crore to set a new record in terms of new project additions, both in terms of value and volume. Arvind SmartSpaces, a part of the Lalbhai Group, was founded in 2008 and is headquartered in Ahmedabad. The company has a real estate development portfolio of approximately 60 million square feet, spanning across Ahmedabad, Gandhinagar, Bengaluru, and Pune.