DBT Bureau
Pune, 9 Oct 2024
Arvind SmartSpaces Limited, a real estate development company and part of the Lalbhai group, has signed a new residential apartment project in Bengaluru. The project features a total estimated saleable area of approximately 4.2 lakh sq. ft. and a top-line potential of around Rs. 600 Cr. It is situated on ITPL road, near Whitefield, Bengaluru, and is being undertaken on a joint development basis.
This addition follows the acquisition of the Bannerghatta high-rise project signed in FY24. This would be ASL’s 12th overall and 8th high rise project in Bengaluru. ITPL Main Road, near Whitefield is one of the most established residential micro markets in Bengaluru. It boasts excellent connectivity with a metro station nearby and seamless access to the IT/ITES hub in Whitefield, which is home to numerous IT companies and tech parks. The site benefits from well-developed social and civic infrastructure, including prominent schools, hospitals, retail, residential, and commercial spaces in close proximity. Additionally, the area offers quick access to popular hotspots such as the Phoenix Marketcity, Forum Shantiniketan, Inorbit Mall, and the Whitefield Railway Station, making it a highly desirable location for residential development.
Commenting on this 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. With this project addition, our cumulative new business development topline potential for the year stands at ~Rs. 1,010 crore. 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.”
