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