Arvind SmartSpaces Limited (ASL), announced that its 100% wholly owned subsidiary Arvind Homes Pvt. Ltd. has launched and sold the entire 1st phase of its residential plotting project, Arvind Greatlands in Devanahalli, Bengaluru. The first phase of this project, comprising 400 plots with a saleable area of ~0.57 mn sq. ft. amounting to a booking value of more than Rs. 200 crores, was sold out in 10 hours.
This project marked ASL’s entry into the plotted development segment in Bengaluru. 50 acres of the project were originally acquired under HDFC Platform 1 wherein HDFC has invested Rs 50 crore. Further, ASL has acquired 18 acres on an outright basis adjacent to this project with the potential to expand the same further. Arvind Greatlands customers will also get a membership of Monogram Resort – Devenahalli offering various amenities.
Devanahalli is an established residential plotting location which is near the Bengaluru Airport. The micro-market is also home to major economic hubs such as Aerospace SEZ and KIADB IT Park. This location enjoys excellent infrastructure connectivity which will be further enhanced by the upcoming metro. Arvind SmartSpaces entered the Bengaluru market in 2013 and has until now added 10 projects across the region with 4 projects having already been delivered and 6 in various stages of development/launches.
Commenting on a successful launch, Kamal Singal, Managing Director, and CEO, of Arvind SmartSpaces commented, “We are thrilled to have received this strong vote of confidence from our customers in Bengaluru. Our focus is to live up to their expectations by successfully delivering an outstanding project. This overwhelming response from customers is a testament to the brand equity of Arvind, the powerful sales ecosystem of ASL, and its execution track record. The runway success of Arvind Greatlands gains further significance as the Bengaluru market is a critical part of our growth strategy and we look forward to creating further milestones in the city.”
