Arvind SmartSpaces, the property growth arm of the Lalbhai Group, has acquired a 35-acre land parcel in Pune for Rs 100 crore for its second actual property undertaking.
A binding settlement for the outright buy of the land in the Bhugaon micro-market of Pune was signed not too long ago. The land parcel has a growth potential of 1.3 million sq ft.
“This can be our first massive horizontal residential development undertaking in town, which is able to encompass residential villas,” Kamal Singal, MD of Arvind SmartSpaces, informed ET. “After Bengaluru and Ahmedabad, Pune and the Mumbai Metropolitan Region (MMR) are our new growth markets, and we intend to increase our footprint in these markets by investing aggressively as part of our current investment cycle.”
Arvind SmartSpaces has already paid a token quantity as a part of the binding settlement. The firm is planning to finance the undertaking by way of a mixture of surplus from fairness, inside accruals and recent debt.“We considered various factors before selecting Bhugaon as the location for the project,” said Singal, who is also the CEO. “The key amongst which was the fact that the micro-market is in close proximity to the key IT hub of Hinjewadi, with several large developments. Mulshi Road is also one of the fastest-growing villa and plot development destinations in Pune.”
Arvind SmartSpaces had forayed into the Maharashtra market in early 2019 with the launch of its ‘Elan’ project in Pune. The undertaking has a complete built-up space of 130,000 sq ft. Located in the Kothrud space, the luxurious undertaking has 81 2BHK residences.
For the quarter ended December, the corporate reported a ten% year-on-year enhance in recent gross sales at Rs 158 crore, aided by profitable launches of latest phases in its current initiatives in Ahmedabad.
Net revenue for the quarter elevated by 18% to Rs 5.9 crore. The firm additionally reported a 47% leap in web collections to Rs 154 crore. Arvind SmartSpaces has over 25 million sq ft of actual property growth throughout Ahmedabad, Gandhinagar, Bengaluru and Pune.