Shares of Arvind SmartSpaces Ltd. surged over 10% on Monday after the real estate developer sold the entire inventory of more than 220 units in the first phase of its residential project, Arvind Orchards, in Bengaluru.
The inventory was sold out within seven hours of the launch, Arvind SmartSpaces said in a filing to the stock exchanges.
The first phase of the project at Devanahalli in Bengaluru consisted of more than 220 units with an estimated value of over ₹160 crore.
This would be the company's second residential plotted township in Bengaluru. The new project is housed under HDFC Platform 2.
Devanahalli, situated near the Bengaluru International Airport, is an established residential plotting micro-market boasting major economic hubs like the Aerospace SEZ and KIADB IT Park. With excellent infrastructure connectivity already in place, including upcoming Metro access, its appeal as a residential destination is set to grow even further, the company informed the bourses.
Arvind SmartSpaces ventured into the Bengaluru market in 2013. Since then, it has launched 11 projects across various micro-markets within the city.
"We have been able to create a strong presence in the Bengaluru market with a focus on designs that are inspired by the evolving preferences of our customers. Such strong responses to all our launches including Greatlands, Greatlands-2, Forest Trails and now Orchards exhibits the trust reposed by homebuyers in the legacy of the Arvind brand," Kamal Singal, Managing Director and CEO, Arvind SmartSpaces, said.
Shares of Arvind SmartSpaces are trading 10.3% higher at ₹630. The stock has risen 132% over the last 12 months.
(Edited by : Hormaz Fatakia)
