Arvind SmartSpaces Limited (ASL acquired new high-rise project in Bengaluru with a top-line potential of ~Rs. 400 Cr. The project is spread across 4.3 acre and has a saleable area of 4.6 lakh sq. ft. The project is acquired on an outright basis under HDFC Platform 2. Concluded first platform with HDFC Capital Advisors through HCARE- 1 fund. The platform delivered strong returns in the two and half years of its operations.
Commenting on the Q2 FY24 performance, Kamal Singal, Managing Director and CEO, Arvind SmartSpaces commented, “We are delighted to share that the Company has recorded the highest ever quarterly bookings and collections. For the first time, we have crossed the Rs. 300 Cr milestone quarterly bookings. Our half yearly performance, has also been best ever both in terms of bookings and collections. Our operations cycle remains strong with operating cash flows of Rs. 160 Cr during the quarter and Rs. 271 Cr during the half year.
“We had a new launch Uplands 2.0 in Adroda, South Ahmedabad during the quarter, which received an outstanding response. The entire phase 1 inventory of more than Rs. 300 Cr was sold out within three days. It is heartening to see all our new launches over the last several quarters in several different micro markets have resonated strongly with homebuyers across cities.”
“During the quarter, we added a high-rise project with a topline potential of Rs. 400 Cr Banerghatta, Bengaluru. This will mark our geographical expansion into the key market of South Bengaluru. With this acquisition, the cumulative new business development topline potential stands at more than ~Rs. 2,800 Cr for the current year to date.”
The structural demand theme for residential real estate as well as overall macroeconomic indicators remain healthy. We are well on track to conclude our ongoing business plan of Rs. 1000 Cr new investment. We remain focused on augmenting and diversifying our business development pipeline addressing both horizontal and vertical developments. We are progressing well to end the year on a strong note with a slew of launches in the pipeline.”
