by THO
Real estate developer Arvind SmartSpaces Limited, a part of Lalbhai group, on October 9 announced that it has signed a new housing project in Bengaluru, with a total estimated saleable area of approximately 4.2 lakh square feet and a topline potential of around ₹600 crore.
The project, undertaken on a joint development basis, is located on ITPL Road, near Whitefield in East Bengaluru. The company did not disclose the joint venture partner’s identity, however, said that it is a local land owner.
This addition follows the acquisition of the Bannerghatta high-rise project signed in FY24, the company statement said. It added that this would be Arvind SmartSpaces Limited’s 12th overall and 8th high rise project in Bengaluru.
Commenting on the development, Kamal Singal, Managing Director and CEO, 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.”
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With this project addition, the company’s cumulative new business development topline potential for the year stands at approximately ₹1,010 crore, the statement said.
“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,” Singhal said.
Business performance
In the first quarter of the ongoing financial year FY 24-25, the company’s revenue from operations grew by 11% year-on-year to ₹75 crore versus ₹67 crore in the same period last year. Meanwhile the net profit during the three -month period amounted to ₹5 crore as against ₹9 crore in the year-ago period.
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During FY24, the company acquired new projects with a topline potential of ₹4,150 crore and added four new projects in Ahmedabad, and one each in Bengaluru and Surat.
The company’s overall footprint in Bengaluru stands 7.2 million square feet, of which 5.5 million square feet is ongoing and under planned development.
