Arvind SmartSpaces eyes 35% revenue growth in FY24, targets Surat real estate

Realty firm Arvind SmartSpaces is eyeing sales growth of 30-35% in the current financial year as well as over the next few years. In a post-earnings conversation with CNBC-TV18, Kamal Singal, MD and CEO said the company is increasingly focusing on the vibrant real estate market in Surat.

“Surat is a very exciting market. In fact, a few quarters back we did mention that Surat is one of our focus areas. And lot of efforts went into this market, we take a little bit of a time before we analyse and we get the right kind of opportunity. And for us, it's important to go deeper into the market that you want to go rather than doing one or two projects here and there,” he said.

The Ahmedabad-headquartered company recently entered Surat with a ₹1,100 crore horizontal multi-asset township project. The project is spread over 300 acres and signed under the joint development model (55% revenue share) enabling low capital intensity and higher returns, the company said in its investor presentation. This will be the third city in Gujarat where ASL operates apart from Ahmedabad and Gandhinagar

The real estate firm clocked sales value growth of 41% year-on-year at ₹784 crore for the first nine months of the current financial year.

The company has a market capitalisation of ₹2,440.96 crore. The stock has gained 89% over the past year.