Arvind SmartSpaces inks pact for two township projects on 704 acres in Ahmedabad

economictimes.indiatimes.com:

Realty developer Arvind SmartSpaces has entered into two joint development agreements for multi-asset township projects spread over a total 704 acres in south Ahmedabad. Both the large horizontal, multi-use golf-themed horizontal projects involving plots and villa development are estimated to have revenue potential of Rs 2,300 crore. Of these, the first project is spread over around 500 acres with estimated development of 20 million sq ft and revenue potential of Rs 1,450 crore.

The second project is spread over 204 acres with development potential of 8.8 million sq ft and has estimated revenue of Rs 850 crore. The Lalbhai Group will hold 50% stake in both the projects and these are 17th and 18th projects of the company in Ahmedabad. “In Ahmedabad alone, we are actively developing around 50 million sq ft through our ongoing and planned portfolio.

With the addition of these two new horizontal multi-asset township projects in south Ahmedabad, we are poised to expand our presence even further and solidify our position as a leading real estate developer in Ahmedabad,” Kamal Singal, Managing Director and CEO, Arvind SmartSpaces. These project additions highlight the company’s efforts towards further strengthening its presence in the high potential micro markets of south Ahmedabad. South Ahmedabad has emerged as one of the promising micro-markets for plotted development and weekend homes in Ahmedabad.