Ahmedabad, Aug 1: Arvind SmartSpaces Limited (ASL), one of India’s leading real estate development companies, today announced that it has signed two large horizontal (plots and Villas) multiuse, golf themed development projects in Ahmedabad, with a total estimated area of ~704 acre and a top-line potential of ~Rs. 2,300 crore. These projects are located in South Ahmedabad and would be ASL’s 17th and 18th projects in Ahmedabad. Both the projects are signed under the joint development model enabling low capital intensity and higher returns.
|Project||ASL economic interest||Area in acre||Area in msf||Revenue Potential in Rs. crore|
|Project 1||50% Revenue share||~500||~20.0||~1,450|
|Project 2||55% Revenue share||~204||~8.8||~850|
These additions highlight the Company’s efforts towards further strengthening its presence in the high potential micro markets of South Ahmedabad. South Ahmedabad has emerged as one of the promising micro-markets for plotted development /weekend homes in Ahmedabad. The area has a well-developed connectivity with various parts of Ahmedabad with close proximity to the various Industrial hubs such as Changodar, GIDC etc. Both the projects are envisaged to be a multi-asset landmark townships.
Commenting on this development, Kamal Singal, Managing Director and CEO, Arvind SmartSpaces said, “We are happy to add these sizeable projects in our core market of Ahmedabad. Arvind SmartSpaces is one of the leading horizontal development players in Ahmedabad. The company has created several benchmarks and set standards in the plotting, villa and villament space even before the pandemic, as the concept of second home was quite popular in Ahmedabad. Post pandemic, we augmented our value proposition in this segment, with products that were ‘designed to inspire’ the consumers with amenities like golf courses, large luxury clubhouses, etc. With an established track record, Arvind SmartSpaces is well-positioned to capitalize on the tremendous opportunity in this space.”
Arvind SmartSpaces with these has added 18 projects across the Ahmedabad region with 8 projects having already been delivered and 10 in various stages of development. Ahmedabad has been a hub for industries and witnessed tremendous infrastructure boost initiated by the government over the last decade. Increased BFSI, IT/ITeS activity, high quality of life parameters and increased affordability have further improved the residential real estate demand in Ahmedabad. The pandemic and the ensuing hybrid work culture caused a paradigm shift in people’s priorities with homebuyers not only looking for bigger homes but also independent ones with increased focus on health and security. Affinity to own land also increased post pandemic. Further, built-to-suite feature in plotting segment provides additional flexibility to consumers.