Arvind SmartSpaces Launches 92-Acre Project in Khopoli
Ahmedabad-based real estate developer Arvind SmartSpaces has ventured into the Mumbai Metropolitan Region (MMR) with the acquisition of a 92-acre land parcel near Khopoli through a joint development agreement. This is the company's first foray into the MMR property market, having focused earlier on projects in Gujarat, Bengaluru, and Pune.
Expected to be the first major horizontal development in the region, the proposed project includes a golf course and many other such amenities. The project is in line with Arvind SmartSpaces strategy for diversification of its portfolio and strengthening of its foothold in the key real estate markets of India.
Arvind SmartSpaces will get 70.5 percent of the total estimated revenue amount of Rs 1,500 crore under the joint development agreement. Kamal Singal, MD & CEO of Arvind SmartSpaces, was bullish on the opportunity in the MMR plotted and villa market saying, "Entry into the Mumbai region reinforces our strategy of balanced geographic diversification across Gujarat, Karnataka, and Maharashtra". The company, he said, has a cumulative new business development topline potential for the year at Rs 2,500 crore.
Plans of the company are to push further in the Mumbai region and other targeted markets, such as Ahmedabad and Bengaluru, in the coming quarters. According to Nishant Kabra, head of capital markets (west & north), India, at JLL, the project will be an opportunity for well-capitalized branded developers in MMR due to a combination of industry consolidation and streamlined regulatory framework.
The project, developed in collaboration with land partner Sach Developers, is located in Khopoli, a state-government-identified growth area due to the Mumbai 3.0 initiative. The region is fast turning out to be the new hotspot for horizontal developments, including plots and villas, with all major infrastructure projects like Atal Setu, JNPT Port, and Navi Mumbai International Airport. These are all going to make connectivity much better and travel times even shorter, hence making the area even more attractive.
