Arvind Smartspaces Limited (ASL), one of India’s leading real estate development company, today announced that it has signed a new plotted development project in Ahmedabad, with a total estimated area of ~40 acre and a top-line potential of ~Rs. 250 crore. This project is located in Lakshmanpura, Ahmedabad and would be ASL’s 20 th in Gujarat. The project is acquired on an outright basis.
This is the 3 rd project addition in West Ahmedabad and highlights the Company’s efforts towards further strengthening its presence in this high potential micro market. West Ahmedabad has emerged as one of the most promising micro-markets for plotted development /weekend homes in Ahmedabad. The area has a well- developed connectivity with various parts of Ahmedabad with close proximity to the various business hubs such as Shilaj, SindhuBhavan Road and SP Ring Road. etc.
Commenting on this development, Mr. Kamal Singal, Managing Director and CEO, Arvind SmartSpaces said, “We remain enthused about the potential of the Ahmedabad residential market and are happy to add another large development there. With this addition, we now have ~56 msf of projects in the Ahmedabad region.
We are confident of the large opportunity the Ahmedabad market presents and remain at the forefront to address it. Our Business Development initiatives are shaping up well and the cumulative new business development topline potential stands at more than ~Rs. 4,150 Cr for the current year to date. We look forward to add more projects across our target markets in the coming quarters.”