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

Arvind SmartSpaces Ltd (ASL) has purchased 35 acres of land in Pune for Rs 100 crore. ASL said it finalised a binding agreement for an outright acquisition of this land parcel at Bhugaon in Pune.The firm will set up a luxury villas project with a development potential of 1.3 million sq ft. It will be the second housing project in the city. The firm will fund the project with a mix of surplus from equity, internal accruals and fresh debt. ASL has nearly 25 million sq ft of real estate development across Gandhinagar, Ahmedabad, Bengaluru and Pune. The land parcel is located in the Bhugaon micro-market of Pune. Bhugaon is a major 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 linked to key hubs of the city such as Kothrud, Aundh, Pashan, Chandani Chowk, and Baner. Image Source Also read: Arvind SmartSpaces acquires 35 acres of land for Rs 100 cr in Pune