Arvind SmartSpaces buys land in Pune

Ahmedabad, Feb 16, 2022: Arvind SmartSpaces Limited (ASL) announced that it has finalized a binding agreement for an outright purchase of 35 acres land parcel for Rs. 100 Cr. in Pune. The land is located in the Bhugaon mirco-market of Pune. This new project will consist of luxury residential villas with a development potential of 1.3 mn. sq. ft. When launched, this will mark Arvind SmartSpaces’ first large horizontal residential development project and will be the second residential project in the city.

Kamal Singal, Managing Director and CEO, Arvind SmartSpaces Limited, said, “We are extremely delighted to announce our project in Bhugaon, further strengthening our residential portfolio in Pune. This project marks our entry into another key micromarket of Pune, after the success of our first project in Kothrud. We have seen a steady increase in demand for luxury and villa developments and we are happy to add this project to our portfolio. The location is close to the city, yet away from the congestion and nestled in greenery, ideal for a horizontal development. This land acquisition is in line with our strategy of investing in new growth markets such as Pune and MMR, beside widening our footprint in Bangalore and Ahmedabad.”

Arvind SmartSpaces, forayed into the Maharashtra market in early 2019, with the launch of Elan, in Pune.  The Project is spread over a total built-up area of 1.3 lakh sq ft. Located in Kothrud area of Pune, Arvind Elan boasts of high-end luxury specifications and comprises 120 units of 2 BHK apartments.

Arvind Smartspaces recently added two new large-scale projects. First project at Devanahalli in Bangalore will be executed under HDFC Platform, and second is a residential villa project at Sarjapur, Bangalore. The Company has approximately 25 million square feet of real estate development across Ahmedabad, Gandhinagar, Bangalore and Pune.