Arvind SmartSpaces Limited has signed a residential horizontal development project on Kerala-Nalsarovar Road in South Ahmedabad. The project covers 58.25 acre and offers a saleable area of two point five million square feet (mn sq ft) with an estimated top line of Rs one point eight billion (bn). The development is a joint venture aimed at plotted residential real estate in the region. The scheme will provide plotted residential parcels aimed at weekend homeowners and investors.

South Ahmedabad has emerged as a promising micro market for plotted developments and weekend homes, driven by increasing demand and improving infrastructure connectivity. The site location benefits from road links and regional growth that are attracting buyers seeking weekend and plotted options. Improvements in connectivity have reduced travel times to the city and enhanced the area’s appeal.

The company said the acquisition enhances its presence in the horizontal real estate segment and reiterates its focus on plotted and villa projects. The managing director and chief executive officer indicated the company is pleased to add this project and sees Ahmedabad as offering compelling growth opportunities in the horizontal segment. The firm has established several benchmarks in the plotting and villa segments and intends to leverage operational experience to execute the project.

Arvind SmartSpaces, established in 2008 and headquartered in Ahmedabad, draws on a Lalbhai Group legacy of 128 years. The company has developed approximately 100.1 mn square feet of real estate across India and operates in Ahmedabad, Gandhinagar, Baroda, Bengaluru, the Mumbai Metropolitan Region and Pune. The portfolio spans completed and ongoing projects that underpin the company’s credibility with local buyers and institutional partners.

The company plans to continue its growth momentum and deliver value to stakeholders by leveraging brand strength and completed projects. The company will focus on timely delivery and value creation for customers, investors and other stakeholders. Contact details for investor relations and finance executives have been provided for further enquiries.