This project is located near Khopoli, Mumbai 3.0 and is the company’s first project in the MMR region.
The project is signed under joint development model (70.5% Revenue share) enabling low capital intensity and higher returns.
Mumbai 3.0 is emerging as a prime destination for horizontal developments, including plots and villas, driven by transformative infrastructure projects like Atal Setu and JNPT Port that are reshaping the entire Mumbai Metropolitan Region (MMR).
Further, the upcoming Navi Mumbai International Airport, Virar-Alibaug Multimodal Corridor, Mumbai-Pune-MTHL Interchange, and other critical infrastructure enhancements are set to significantly boost connectivity, linking Mumbai 3.0 to key economic hubs and reducing travel times.
The project is envisaged to be the first large-scale horizontal project in the vicinity with amenities likely to include a golf course and a large clubhouse.
Kamal Singal, managing director and CEO, Arvind Smartspaces said: "We are confident of the large opportunity the MMR plotted/villa market presents and look forward to bring our horizontal value proposition there.
Entering MMR reinforces our 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 rest of our target markets including Ahmedabad and Bengaluru.”
Arvind SmartSpaces is a real estate development company. With approximately 78 million square feet of real estate development across the country, the company is focused on delivering real estate solutions that add value to the lives of its customers and is fast emerging as a leading corporate real estate player in the country. The company has real estate developments across Ahmedabad, Gandhinagar, Bangalore and Pune.
The company's consolidated net profit surged to Rs 40.69 crore in the quarter ended September 2024 as against Rs 8.64 crore during the previous quarter ended September 2023. Sales rose 265.46% to Rs 265.58 crore in Q2 FY25 as compared with Q2 FY24.
The scrip fell 2.72% to currently trade at Rs 756 on the BSE.