Arvind SmartSpaces signs new residential apartment project in Bengaluru with top-line potential of Rs 400 crore – Industry News

Real estate development company Arvind SmartSpaces Limited (ASL), which is a part of the Lalbhai group, announced that it has signed a new residential apartment project in Bengaluru, with a total estimated saleable area of ~4.6 lakh sqft and a top-line potential of ~Rs 400 crore. This project is located in Bannerghatta Road, Bengaluru. The project is acquired on an outright basis under the HDFC Platform 2. 

With this acquisition, the cumulative new business development topline potential stands at more than ~Rs 2,800 crore for the current year to date, the company said in a regulatory filing. “The buoyancy in the real estate market is extremely strong and we are well on track to conclude our ongoing business plan of Rs 1000 crore fresh investment to create a record year in terms of new project additions both from a value and volume perspective,” it said.

The site, it said, is in close proximity to extremely well-developed social and civic infrastructure with multiple schools, hospitals, retail, residential, and commercial spaces in close proximity. In addition, it is located close to MM Hills, The Bannerghatta National Park, St. Marks Cathedral, the Pearl Valley, ISKON Temple, Meenakshi Mall etc.

“Our diversification initiatives addressing both horizontal and vertical developments across Bengaluru and Ahmedabad are progressing well. We are happy to add this high-rise project to our portfolio and this will deepen our presence in a key micro market in Bengaluru. Bannerghatta Road is a well-established micro-market and this acquisition will further expand the company’s presence in South Bengaluru,” said Kamal Singal, Managing Director and CEO, Arvind SmartSpaces.

Arvind SmartSpaces has approximately 60 million square feet of real estate development across the country. It has real estate developments across Ahmedabad, Gandhinagar, Bengaluru and Pune.