Construction Industry News
Arvind SmartSpaces, a development arm of the Lalbhai Group, has purchased 35 acres of land for Rs 100 crore in Pune for its second real estate project.
A binding agreement has recently been signed for the plot of land in Bhugaon micromarket. The plot in Pune has a development potential of 1.3 million square meters.
Managing Director of Arvind Smart Spaces, Kamal Singh, told media it would be the company's first major horizontal residential development project, including residential villas. After developing in Bengaluru and Ahmedabad, Pune and Mumbai Metropolitan Region (MMR) are the new growth markets, and the company plans to increase its presence in these markets.
The company has already paid a token amount as part of the binding agreement. It plans to finance the development project through a combination of excess equity, internal accruals and new debt.
The city of Pune has grown into a fast-growing real estate market, with residential sales increasing by approximately 40% and 18% respectively in 2021.
In addition to real estate developers in Pune, many major developers from other cities have ventured into the real estate market.
In 2019, the company entered the Maharashtra market and launched the Elan project in Pune. The development project has a total built area of 130,000 square feet, located in the Kothrud area. The luxury residential project has 81 2BHK apartments.
During the last quarter of December, Arvind SmartSpaces reported 10% year-over-year (yoY) growth in fresh sales of Rs 158 crore aided by successful launches of new phases in its projects in Ahmedabad. Net profit increased by 18% to Rs 5.9 crore and increased by 47% to Rs 154 crore in net collections.
The company has more than 25 million square meters of land for real estate development in Ahmedabad, Bengaluru, Pune and Gandhinagar.
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