AHMEDABAD: Arvind SmartSpaces Limited (ASL), one of India’s leading Real Estate development companies, announced that it has finalized a binding agreement for an outright purchase of 35 acres land parcel for Rs. 100 Cr. in Pune. The land is strategically located in the Bhugaon micro-market of Pune. This new project will consist of luxury residential villas with a development potential of 1.3 mn. sq. ft. When launched, this will mark Arvind SmartSpaces’ first large horizontal residential development project and will be the second residential project in the city.
Bhugaon is a prominent residential hub along Mulshi road, which is one of the fast-growing villas and plotted development destinations in Pune. The project is located in close proximity to Hinjawadi, a popular IT hub in Pune. This fast-developing micro-market is also connected to key hubs of the city such as Kothrud, Chandani Chowk, Aundh, Pashan, Baner, etc. The Company will fund the project with a mix of surplus from equity, internal accruals, and fresh debt.
Kamal Singal, Managing Director, and CEO, Arvind SmartSpaces Limited, said,
“We are extremely delighted to announce our project in Bhugaon, further strengthening our residential portfolio in Pune. This project marks our entry into another key micro market of Pune, after the success of our first project in Kothrud. We have seen a steady increase in demand for luxury and villa developments and we are happy to add this project to our portfolio. The location is close to the city, yet away from the congestion and nestled in greenery, ideal for horizontal development. This land acquisition is in line with our strategy of investing in new growth markets such as Pune and MMR, besides widening our footprint in Bangalore and Ahmedabad.”
Arvind SmartSpaces, forayed into the Maharashtra market in early 2019, with the launch of Elan, in Pune. The Project is spread over a total built-up area of 1.3 lakh sq ft. Located in the Kothrud area of Pune, Arvind Elan boasts high-end luxury specifications and comprises 120 units of 2 BHK apartments. The project was uniquely designed for the market and reflects the modern style of living, maximizing usable space.
Arvind Smart spaces recently added two new large-scale projects. The first project at Devanahalli in Bangalore will be executed under HDFC Platform, and the second is a residential villa project at Sarjapur, Bangalore. The Company has approximately 25 million square feet of real estate development across Ahmedabad, Gandhinagar, Bangalore, and Pune.
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