by THO
Ahmedabad-based listed real estate developer Arvind SmartSpaces announced its foray into the Mumbai Metropolitan Region (MMR) on January 24 by entering into a joint development agreement to build a 92-acre township with an estimated revenue potential of ₹1500 crore.
The company has partnered with Sach Developers to build the township and plans to develop a villa project on the parcel near Khopoli, a two-hour drive from Mumbai. The project is signed under a joint development model (70.5 per cent revenue share), enabling low capital intensity and higher returns. The project will likely include a golf course and a large clubhouse.
While details of the villa project have not yet been finalised, it is expected to be built on a 92-acre land parcel. The project site is 40 minutes from the Navi Mumbai side of Atal Setu and 25 minutes from the upcoming Navi Mumbai International Airport (NMIA).
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“With this acquisition, the cumulative new business development topline potential stands at ₹2,500 crore for the current year. In the coming quarters, we also look forward to adding more projects in MMR and the rest of our target markets, including Ahmedabad and Bengaluru,” the company said.
Mumbai 3.0 is emerging as a prime destination for horizontal developments, including plots and villas, driven by transformative infrastructure projects like Atal Setu and JNPT Port that reshape the entire Mumbai Metropolitan Region (MMR).
Further, the upcoming Navi Mumbai International Airport, Virar-Alibaug Multimodal Corridor, Mumbai-Pune-MTHL Interchange, and other critical infrastructure enhancements are set to significantly boost connectivity, linking Mumbai 3.0 to key economic hubs and reducing travel times.
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Arvind Smartspaces plans for Mumbai real estate market
Kamal Singal, Managing Director and CEO of Arvind Smartspaces, told HT.com that the company also plans to sign an agreement for a housing society redevelopment project in Mumbai’s western suburbs by the end of the ongoing financial year.
“We will continue looking for more joint development and old society redevelopment projects in Mumbai. Our focus area in Mumbai will be mid-segment where homes are priced in the range of ₹25,000 to ₹50,000 per sq ft,” said Singal.
According to Singal, the company is looking to develop a horizontal project in Surat, Gujarat, in addition to penetrating the MMR real estate market. The company is active in the Ahmedabad and Bengaluru real estate markets.
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Built on a 120-year-old legacy of the Lalbhai Group and established in 2008, Arvind SmartSpaces is a leading real estate development company headquartered in Ahmedabad. The company has approximately 78 million square feet of real estate development across the country, including in Ahmedabad, Gandhinagar, Bangalore, and Pune.
