homebusiness Newscompanies NewsHoping to acquire additional 6 7 projects under the new joint venture with HDFC Capital, says Arvind SmartSpaces CEO
Hoping to acquire additional 6-7 projects under the new joint venture with HDFC Capital, says Arvind SmartSpaces CEO
This is the third kind of arrangement and partnership (with HDFC) that Arvind SmartSpaces has got into and recently announced where there is a new platform, which will be investing Rs 900 crore. Of which, two-thirds will be invested by HDFC Capital and one-third, Rs 300 crore, will be invested by Arvind Smartspaces, said its Managing Director and CEO Kamal Singal
Arvind SmartSpaces recently formed a joint venture with HDFC Capital Advisors for a residential development platform with a revenue potential of Rs 5,000 crore. Kamal Singal, Managing Director and CEO of Arvind SmartSpaces discussed more on this and the business outlook at large with CNBC-TV18.
“Our partnership with HDFC has grown over a period of time. They have been our biggest credit providers historically and we had our first platform with them a couple of years ago, which is doing great at this point,” he said.
This is the third kind of arrangement and partnership (with HDFC) that Arvind SmartSpaces has got into and recently announced where there is a new platform, which will be investing Rs 900 crore. Of which, two-thirds will be invested by HDFC Capital and one-third, Rs 300 crore, will be invested by Arvind Smartspaces, he explained.
This joint venture is expected to create a topline of around Rs 5,000 crore.
“We are hoping that in the next few months, we will be acquiring additional 6-7 projects under this new arrangement,” he said.
The company is in the process of finalising a couple of projects under this new arrangement and the idea is to deploy these funds as early as possible.
Singal is hoping this deployment will happen in the next three-four quarters. A real estate project typically takes three-five years to execute. “So we are looking at something like a four-year timeline before all these projects get executed,” he said.
For the full interview, watch the accompanying video
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