Arvind SmartSpaces acquires 35 acres of land for Rs 100 cr in Pune
Real Estate

Arvind SmartSpaces acquires 35 acres of land for Rs 100 cr in Pune

Arvind SmartSpaces, a development arm of Lalbhai Group, has acquired 35 acres of land for Rs 100 crore in Pune for its second real estate project.

Recently, a binding agreement was signed for the land parcel in the Bhugaon micro-market. The land parcel in Pune has a development potential of 1.3 million sq ft area.

Managing Director of Arvind Smart Spaces, Kamal Singh, told the media that it would be the company's first large horizontal residential development project, including residential villas. After development in Bengaluru and Ahmedabad, Pune and Mumbai Metropolitan Region (MMR) are the new growth markets, and the company plans to increase its footprint in these markets.

The company has already paid a token amount as a part of the binding agreement. It plans to finance the development project through a combination of surplus from equity, internal accruals and new debt.

Pune city has emerged as a high-growth property market with residential properties sales increasing by about 40% and 18%, respectively, in 2021.

Besides Pune-based real estate developers, many large developers from other cities have ventured into the property market.

In 2019, the company forayed into the Maharashtra market, launching the Elan project in Pune. The development project has a total built-up area of 130,000 sq ft, located in the Kothrud area. The luxury residential project has 81 2BHK apartments.

During the December-end quarter, Arvind SmartSpaces reported 10% year-on-year (YoY) growth in fresh sales at Rs 158 crore, aided by successful launches of new phases in its projects in Ahmedabad. Its net profit increased by 18% to Rs 5.9 crore and up by 47% to Rs 154 crore in net collections.

The company has more than 25 million sq ft of land space for real estate development in Ahmedabad, Bengaluru, Pune and Gandhinagar.

Image Source

Also read: Finance Ministry approves Rs.229.72 bn for residential projects

Arvind SmartSpaces, a development arm of Lalbhai Group, has acquired 35 acres of land for Rs 100 crore in Pune for its second real estate project. Recently, a binding agreement was signed for the land parcel in the Bhugaon micro-market. The land parcel in Pune has a development potential of 1.3 million sq ft area. Managing Director of Arvind Smart Spaces, Kamal Singh, told the media that it would be the company's first large horizontal residential development project, including residential villas. After development in Bengaluru and Ahmedabad, Pune and Mumbai Metropolitan Region (MMR) are the new growth markets, and the company plans to increase its footprint in these markets. The company has already paid a token amount as a part of the binding agreement. It plans to finance the development project through a combination of surplus from equity, internal accruals and new debt. Pune city has emerged as a high-growth property market with residential properties sales increasing by about 40% and 18%, respectively, in 2021. Besides Pune-based real estate developers, many large developers from other cities have ventured into the property market. In 2019, the company forayed into the Maharashtra market, launching the Elan project in Pune. The development project has a total built-up area of 130,000 sq ft, located in the Kothrud area. The luxury residential project has 81 2BHK apartments. During the December-end quarter, Arvind SmartSpaces reported 10% year-on-year (YoY) growth in fresh sales at Rs 158 crore, aided by successful launches of new phases in its projects in Ahmedabad. Its net profit increased by 18% to Rs 5.9 crore and up by 47% to Rs 154 crore in net collections. The company has more than 25 million sq ft of land space for real estate development in Ahmedabad, Bengaluru, Pune and Gandhinagar. Image Source Also read: Finance Ministry approves Rs.229.72 bn for residential projects

Next Story
Resources

Ajmera Realty launches tree drive on Environment Day

Ajmera Realty & Infra India marked World Environment Day with a large-scale tree plantation initiative—Plant-with-Purpose—across its projects in Mumbai and Bangalore. The drive was inaugurated at Ajmera Manhattan and Ajmera Greenfinity in Wadala, with senior company officials and residents in attendance. The campaign encourages residents to embrace eco-conscious, self-reliant lifestyles by growing useful plants and trees within their communities. Horticulture expert Devendra Bhekar guided residents on creating and maintaining green spaces. Ajmera Realty planted over 500 trees..

Next Story
Resources

Twaron®-reinforced tyre powers Brunel’s solar race car

Teijin Aramid’s Twaron® with circular content will debut in Bridgestone’s race tyres for the 2025 Bridgestone World Solar Challenge, supporting the Brunel Solar Team’s Nuna 13 car. This marks the first use of the recycled-content aramid in a high-performance race tyre. The Twaron®-reinforced belts help enhance durability, reduce rolling resistance, and maintain lightweight strength—critical for the 3,000-km solar race across Australia. Bridgestone combines this with ENLITENTM tech and other recycled inputs to maximise environmental and performance outcomes. Teijin Aramid, a..

Next Story
Building Material

Kamdhenu Paints launches new wood coating range

Kamdhenu Paints has launched a comprehensive premium wood coating range designed for both interior and exterior applications. The collection includes high-performance solutions like Kamwood 2K PU for a rich matt or high-gloss finish, Kamwood 1K PU for clarity and stain protection, and the Kamwood Melamyne system for a smooth, durable finish. Also featured are Kamwood Wood Stains, which enhance wood grains with vibrant colour, and NC Sanding Sealer for high-build grain filling. The range is supported by Kamwood Thinners for ease of application and optimal finish. Saurabh Agarwal, MD, ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?