Bangalore, October 22, 2023: Arvind SmartSpaces Limited (ASL), one of India’s leading real estate development companies, part of the Lalbhai group, today announced that it has signed a new residential apartment project in Bengaluru, with a total estimated saleable area of ~4.6 lakh sq. ft. and a top-line potential of ~Rs. 400 Cr. This project is located in Bannerghatta Road, Bengaluru. The project is acquired on an outright basis under the HDFC Platform 2.
Bannerghatta is the fastest growing residential micro market located in the southern part of Bengaluru on SH87. It has excellent connectivity to the Bannerghatta Main Road, IT/ITES belt in Electronic City and hosts numerous IT companies and Tech Parks. The site is in close proximity to extremely well-developed social and civic infrastructure with multiple schools, hospitals, retail, residential, and commercial spaces in close proximity. In addition, it is located close to picturesque hotspots MM Hills, The Bannerghatta National Park, St. Marks Cathedral, the Pearl Valley, ISKON Temple, Meenakshi Mall etc.
Commenting on this development, Mr. Kamal Singal, Managing Director and CEO, Arvind SmartSpaces said, “Our diversification initiatives addressing both horizontal and vertical developments across Bengaluru and Ahmedabad are progressing well. We are happy to add this high-rise project to our portfolio and this will deepen our presence in a key micro market in Bengaluru. Bannerghatta Road is a well-established micro-market and this acquisition will further expand the company's presence in South Bengaluru.
With this acquisition, the cumulative new business development topline potential stands at more than ~Rs. 2,800 Cr for the current year to date. The buoyancy in the real estate market is extremely strong and we are well on track to conclude our ongoing business plan of Rs. 1000 Cr fresh investment to create a record year in terms of new project additions both from a value and volume perspective.”
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