Realty developer Arvind SmartSpaces has entered into two separate agreements including a revenue share and an outright deal to develop projects on total 340 acres in Surat and Ahmedabad with cumulative topline potential of over Rs 1,350 crore.
Of this, the company has inked a pact to undertake a large horizontal multi use golf themed development including plotted and villa project in Surat, with a total estimated area of over 300 acre and a topline potential of Rs 1,100 crores.
The second project is a plotted development project in Ahmedabad, with a total estimated area of 40 acres and a revenue potential of Rs 250 crore. This project is located in Lakshmanpura, Ahmedabad and will be the company’s 20th project in Gujarat. This project is acquired on an outright basis.
The project in northern Surat along the NH 48 is signed under the joint development model, with 55% revenue share, enabling low capital intensity and higher returns. This project marks the entry of Arvind SmartSpaces into Surat market, which will be the third city of Gujarat in its portfolio apart from Ahmedabad and Gandhinagar.
“With this addition, we now are operational in five cities in India. We are confident of the large opportunity the Surat market presents and look forward to expanding our presence there,” said Kamal Singal, Managing Director and CEO, Arvind SmartSpaces. “With the new project in Ahmedabad, we now have 56 million sq ft of projects in the Ahmedabad region.”
According to him, the company’s diversification and business development initiatives are shaping up well and the cumulative new business development topline potential stands at more than Rs 4,150 crores for the current year to date.
The company is looking to add more projects in the Bengaluru, Pune and MMR region to its portfolio in the coming quarters.
Surat is an established business hub and has emerged as one of the promising markets for plotted development and weekend homes in Gujarat. The project location has a well-developed connectivity with various parts of Surat with close proximity to the industrial cities of Ankleshwar and Bharuch.
The project in Ahmedabad is the third addition in West Ahmedabad that has emerged as one of the most promising micro-markets for plotted development and weekend homes in the region. The area has a well-developed connectivity with various parts of Ahmedabad with close proximity to the various business hubs such as Shilaj, SindhuBhavan Road and SP Ring Road. etc.
