Arvind SmartSpaces Ltd (ASL), the real estate arm of Lalbhai Group, on Tuesday (August 1) said the company has signed two large horizontal (plots and Villas) multiuse, golf-themed development projects in Ahmedabad.
With a total estimated area of 704 acres 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, according to a stock exchange filing.
South Ahmedabad has emerged as one of the promising micro-markets for plotted development or weekend homes in Ahmedabad, the company said.
Kamal Singal, managing director and CEO of Arvind SmartSpaces said, "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."
Back in March, Arvind SmartSpaces sold out the entire launched inventory of the second phase of its residential project, Arvind Greatlands at Devanahalli in Bengaluru comprising 150 units within just 7 hours of launch.
In the second phase, the company sold more than 150 units valued at over Rs 100 crore. The first phase of the project, with a saleable area of 0.5 million square feet, aggregating to a booking value of over Rs 200 crore was sold out in 10 hours on November 26, 2022.
Shares of Arvind SmartSpaces Ltd ended at Rs 401.25, up by Rs 401.25, or 14.84 percent on the BSE.
(Edited by : Pradeep John)
