Arvind SmartSpaces advanced 4.49% to Rs 829.75 after the company signed a new residential apartment project in Bengaluru, with a total estimated saleable area of 4.2 lakh sq. ft. and a top-line potential of Rs 600 crore.
The project is located on ITPL road, near Whitefield, Bengaluru. The project is undertaken on joint development basis. This addition follows the acquisition of the Bannerghatta high-rise project signed in FY24. This would be ASLs 12th overall and 8th high rise project in Bangalore.The site benefits from well-developed social and civic infrastructure, including prominent schools, hospitals, retail, residential, and commercial spaces in close proximity. Additionally, the area offers quick access to popular hotspots such as the Phoenix Marketcity, Forum Shantiniketan, Inorbit Mall, and the Whitefield Railway Station, making it a highly desirable location for residential development.
Kamal Singal, MD & CEO of Arvind SmartSpaces said, We are happy to add another high-rise project in Bangalore, strengthening our vertical development portfolio in one of India's largest residential real estate markets. Brand Arvind continues to resonate strongly with homebuyers and landowners alike, as we look to further deepen our presence in the Bangalore market.
With this project addition, our cumulative new business development topline potential for the year stands at Rs 1,010 crore. The optimism in the real estate market remains strong and we are well on track to conclude our ongoing business plan of adding new projects across Ahmedabad, Bengaluru and MMR.
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 companys consolidated slipped 63.7% to Rs 2.92 crore in Q1 FY25 as against Rs 8.04 crore posted in Q1 FY24. Net sales stood at Rs 74.47 crore in Q1 FY25, up 11.4% year on year.
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