Real Estate

Arvind SmartSpaces to invest ₹ 250 cr this year

PTI Mumbai | Updated on January 10, 2019 Published on January 10, 2019

Arvind SmartSpaces, the realty arm of fashion and apparel brand Arvind, on Thursday said it plans to invest ₹ 250 crore this year for acquiring and developing new projects across the country.

The company is also exploring and evaluating other markets such as Hyderabad for potential opportunities, its CEO and managing director Kamal Singal said.

“There is a strong and healthy project pipe line consistent with our growth expectations and plans which will hit the market in the coming quarters. We are launching residential project in Pune next month and our first commercial project is in Bengaluru in the next quarter. We are also evaluating other markets such as Hyderabad for potential opportunities,” he said.

In Pune, the company is developing a residential project ‘Arvind Elan’ spread across two acres of land with an area of 1.5 lakh sq ft, which will be completed in three years.

This project will mark the foray of the company in Maharashtra.

In Bengaluru, the company has planned 2.5 lakh sq ft of commercial development.

Meanwhile, the company’s ultra-luxury project in Ahmedabad, ‘Uplands One’, is also set to open a new phase to cater to the increased demand from customers.

“We have been focusing on the asset light model for optimising return on equity by focusing on a blend of joint developments, joint ventures and outright land purchases.

Focus on residential segments further optimises capex requirement for the company due to lower requirement of working capital,” Singal said.

He further said that as part of its overall business strategy, the company is focused around steady and cautious geographic expansion and setting benchmarks in product designs and innovation to provide customer centric offerings.

So far, Arvind SmartSpaces has developed and delivered area of about three million sq ft of real estate as of September 30, 2018.

The company is also targeting revenues of ₹1,000 crore in next four years.

Published on January 10, 2019

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