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Arvind SmartSpaces Ltd.’s shares were up by 1.12 per cent after the company announced a township project in Surat. The estimated 300-acre, ₹1,100-crore project is located in north Surat, along NH48. The company said this was its 19th project in Gujarat under the joint development model (55 per cent revenue share).
It further said the location has proximity to industrial cities like Ankleshwar and Bharuch, while the township would also boast a golf course, clubhouse, orchards with trees, and a private lake.
Kamal Singal, Managing Director and CEO of Arvind SmartSpaces, said, “We are confident of the large opportunity the Surat market presents and look forward to expanding our presence there. Our diversification and business development initiatives are shaping up well.”
The shares were up by 1.12 per cent to ₹526.50 at 11.44 am on the BSE.
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