Arvind SmartSpaces Limited (ASL) on Friday announced that it has signed an agreement for a large horizontal multiuse project in Mumbai Metropolitan Region (MMR), with a total estimated area of around 92 acre. It said that the project has a top-line potential of approximately Rs 1,500 crore. This project is located near Khopoli, Mumbai 3.0 and is the company’s first project in the MMR region. The project is signed under a joint development model (70.5 per cent revenue share) enabling low capital intensity and higher returns.
In a regulatory filing, the company said, “Mumbai 3.0 is emerging as a prime destination for horizontal developments, including plots and villas, driven by transformative infrastructure projects like Atal Setu and JNPT Port that are reshaping the entire Mumbai Metropolitan Region (MMR). Further, the upcoming Navi Mumbai International Airport, Virar-Alibaug Multimodal Corridor, Mumbai-Pune-MTHL Interchange, and other critical infrastructure enhancements are set to significantly boost connectivity, linking Mumbai 3.0 to key economic hubs and reducing travel times.”
Also ReadJohnnie Walker-maker United Spirits posts Q3 profit decline of 4.29% to Rs 335 crore, revenue up 11.06% YoY
The project will likely include a golf course and a large clubhouse. Arvind SmartSpaces said that the key features of this development shall include a deep focus on design, modern amenities, uncrowded recreational facilities, premium customisations and vast green landscapes.
Kamal Singal, Managing Director and CEO, Arvind Smartspaces, said, “We are happy to announce our entry into the Mumbai real estate market, marking a significant milestone in our growth journey. We are confident of the large opportunity the MMR plotted/villa market presents and look forward to bringing our horizontal value proposition there. We look forward to delivering a landmark project in Mumbai that resonates with our brand values of design, quality, and value creation. This project will play a seminal role in ASL’s MMR journey as well as the region’s horizontal development landscape.”
With this acquisition, the cumulative new business development topline potential of the company stands at approximately Rs 2,500 crore for the current year to date. In the coming quarters, Kamal Singal added, the company will also look forward to adding more projects in MMR and rest of its target markets including Ahmedabad and Bengaluru.
» Read More
