Realty firm Arvind SmartSpaces Ltd has signed a new housing project in Bengaluru having a sales potential of around Rs 400 crore. This project has been acquired on an outright basis under the HDFC Platform 2.
In a regulatory filing on October 21, the company informed that "it has signed a new residential apartment project in Bengaluru, with a total estimated saleable area of nearly 4.6 lakh square feet and a top-line potential of nearly Rs 400 crore." "Our diversification initiatives addressing both horizontal and vertical developments across Bengaluru and Ahmedabad are progressing well," Kamal Singal, Managing Director and CEO of Arvind SmartSpaces, said.
The company has added this high-rise project to its portfolio and this will deepen its presence in a key micro market Bannerghatta in Bengaluru, he said, adding that this acquisition will further expand the company's presence in South Bengaluru. "With this acquisition, the cumulative new business development topline potential stands at more than Rs 2,800 crore for the current year to date," Singal said.
The buoyancy in the real estate market is extremely strong, he said, "we are well on track to conclude our ongoing business plan of Rs 1,000 crore fresh investment to create a record year in terms of new project additions both from a value and volume perspective." Arvind SmartSpaces, part of Lalbhai Group, was established in 2008 and is headquartered in Ahmedabad.
It has about 60 million square feet of real estate development across Ahmedabad, Gandhinagar, Bengaluru and Pune.
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