Real estate arm of Arvind Group, Arvind Smart Spaces Limited, is eyeing affordable housing projects as the company launches a 1.2 million square-feet scheme — Arvind Aavishkaar in Ahmedabad on Saturday.

The company, which has projects totalling 8 million square-feet in the pipeline, is looking to capitalise on the tax incentives provided for the affordable segment.

“There are encouraging tax incentives on profits earned from the affordable housing schemes. We are bullish on this segment for strong growth as we were not present in the category,” Kamal Singal, MD & CEO, Arvind Smart Spaces told BusinessLine .

The scheme will be rolled-out in two phases, with the first phase of 600 units to be launched on Saturday and likely to be completed in 4 years.

Arvind Smart Spaces is also expanding its portfolio with a launch of Uplands — a scheme of high-end villas spread across 135 acres on the outskirts of Ahmedabad. The project is under development and possession will start between December 2018-March 2019. The company has a plot scheme near Sanand spread across 150 acres.

According to Singal, the company will look for growth from new segments and emerging markets. Its presence in Bengaluru and Ahmedabad-Gandhinagar is set to fuel the growth, while it also plans to expand to Pune soon.

“We are planning to enter the Pune market for which initial agreements and documentations are underway. This will be a high-end apartment scheme in Pune,” said Singal.

Company has under development 3.5 million sqft in the luxury segment, 3.5 million sqft in the mid-segment, and one million sqft in the commercial segment.

Arvind Smart Spaces posted revenues of ₹202 crore for the fiscal 2018 with a net profit of ₹30 crore.

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