Real estate development company Arvind SmartSpaces Ltd (ASL) on Wednesday said it has finalised a binding agreement for the outright purchase of a 35-acre land parcel for ₹100 crore in Pune.
The land is located in the Bhugaon micro-market, a prominent residential hub along Mulshi road. The project is located in close proximity to the city’s pIT hub of Hinjawadi Tnpand will consist of luxury residential villas with a development potential of 1.3 mn. sq. ft.
“This will mark Arvind SmartSpaces’ first large horizontal residential development project and will be the second residential project in the city,” it said.
The company is planning to fund the project with a mix of surplus from equity, internal accruals and fresh debt.
Kamal Singal, Managing Director and CEO, Arvind SmartSpaces Ltd, said, “We are delighted to announce our project in Bhugaon, further strengthening our residential portfolio in Pune. This project marks our entry into another key micro-market of Pune, after the success of our first project in Kothrud.”
“We have seen a steady increase in demand for luxury and villa developments and we are happy to add this project to our portfolio. The location is close to the city, yet away from the congestion and nestled in greenery, ideal for horizontal development. This land acquisition is in line with our strategy to invest in new growth markets such as Pune and MMR, besides widening our footprint in Bengaluru and Ahmedabad,” said Singal.
The company forayed into the Maharashtra market in early 2019, with the launch of Elan, in Pune, spread over a total built-up area of 1.3 lakh sq ft. and located in Kothrud.
It recently added two new large-scale projects in Bengaluru -- one at Devanahalli that will be executed under the HDFC Platform, and the second, a residential villa project at Sarjapur. The company has approximately 25 million square feet of real estate development across Ahmedabad, Gandhinagar, Bengaluru and Pune.