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Thursday, July 25, 2024

Arvind SmartSpaces Secures Deals for 340-Acre Projects in Surat and Ahmedabad

Arvind SmartSpaces, a realty developer, has recently signed two separate agreements, including a revenue-sharing arrangement and an outright deal, for projects covering a total of 340 acres in Surat and Ahmedabad. The cumulative topline potential of these projects is estimated to exceed Rs 1,350 crore.

The first agreement involves a large horizontal multi-use golf-themed development, comprising plotted and villa projects in Surat, covering over 300 acres. The estimated topline potential for this project is Rs 1,100 crore. The second project is a plotted development endeavor in Ahmedabad, spanning 40 acres with a revenue potential of Rs 250 crore. This project, located in Lakshmanpura, Ahmedabad, marks Arvind SmartSpaces’ 20th project in Gujarat and has been acquired outright.

The Surat project, situated along NH 48 in northern Surat, operates under the joint development model with a 55% revenue share, ensuring low capital intensity and higher returns. This venture marks Arvind SmartSpaces’ entry into the Surat market, adding to its existing portfolio in Ahmedabad and Gandhinagar.

Kamal Singal, Managing Director and CEO of Arvind SmartSpaces, expressed confidence in the opportunities presented by the Surat market and emphasized the company’s plans to expand its presence in the region. He highlighted that with the addition of the new project in Ahmedabad, the company’s projects in the Ahmedabad region now total 56 million sq ft.

Singal stated that the company’s diversification and business development initiatives are progressing well, with a cumulative new business development topline potential exceeding Rs 4,150 crores for the current fiscal year to date. Arvind SmartSpaces aims to add more projects to its portfolio in Bengaluru, Pune, and the MMR region in the coming quarters.

Surat is recognized as a business hub and an emerging market for plotted development and weekend homes in Gujarat. The project’s location offers well-developed connectivity with various parts of Surat and close proximity to industrial cities like Ankleshwar and Bharuch.

The Ahmedabad project, the third addition in West Ahmedabad, is situated in a promising micro-market for plotted development and weekend homes. The area boasts well-developed connectivity with various parts of Ahmedabad, including business hubs like Shilaj, Sindhu Bhavan Road, and SP Ring Road.

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