Adds Joint Development project of ~300 acre in Northern Surat
Bengaluru, February 01, 2024: Arvind SmartSpaces Limited (ASL), one of India’s leading real estate development company, today announced that it has signed an agreement for a large horizontal (plots and Villas) multiuse golf themed development project in Surat, with a total estimated area of ~300 acre and a top-line potential of ~Rs. 1,100 crore. This project is located in Northern Surat along the NH 48 and would be ASL’s 19th project in Gujarat. The project is signed under the joint development model (55% Revenue share) enabling low capital intensity and higher returns.
This project marks the entry of ASL into the high potential Surat market. This will be the third city in Gujarat apart from Ahmedabad and Gandhinagar. Surat is a well-established business hub and has emerged as one of the promising markets for plotted development /weekend homes in Gujarat. The project location has a well-developed connectivity with various parts of Surat with close proximity to the industrial cities of Ankleshwar and Bharuch. The project is envisaged to be first large-scale plotting project in Surat with a golf course, large clubhouse, orchards with several thousand full grown trees and a private lake.
Commenting on this development, Mr. Kamal Singal, Managing Director and CEO, Arvind SmartSpaces said, “We are quite optimistic about the Surat residential market and are excited to add a large development there. With this addition, we now are operational in five cities in India. We are confident of the large opportunity the Surat market presents and look forward to expand our presence there. Our diversification and Business Development initiatives are shaping up well and the cumulative new business development topline potential stands at more than ~Rs. 3,900 Cr for the current year to date. We look forward to add projects in the Bengaluru, Pune and MMR region in the coming quarters.”
