Arvind SmartSpaces Develops 92-Acre Township in MMR

New Delhi, Jan 24 (PTI) Realty firm Arvind SmartSpaces Ltd has entered into a joint development agreement to build a 92-acre township with an estimated revenue potential of Rs 1,500 crore.

In a regulatory filing on Friday, the company said it has signed an agreement for a large horizontal, multiuse project in Mumbai Metropolitan Region (MMR), "with a total estimated area of 92-acre and a top-line potential of Rs 1,500 crore."

The company has tied up with Sach Developers to build this township, located near Khopoli, Mumbai.

The project is signed under a joint development model (70.5 per cent revenue share) enabling low capital intensity and higher returns.

Kamal Singal, Managing Director and CEO, Arvind Smartspaces said, "We are happy to announce our entry into the Mumbai real estate market, marking a significant milestone in our growth journey. We are confident of the large opportunity the MMR plotted/villa market presents and look forward to bring our horizontal value proposition there."

He said the entry into MMR reinforces the company's strategy of balanced geographic diversification across Gujarat, Karnataka and Maharashtra.

"With this acquisition, the cumulative new business development topline potential stands at Rs 2,500 crore for the current year to date. In the coming quarters, we also look forward to add more projects in MMR and the rest of our target markets, including Ahmedabad and Bengaluru," Singal said.

Established in the year 2008, Arvind SmartSpaces is one of the leading real estate developers.