Arvind SmartSpaces to buy Pune land for ₹100 crore for villa project
The land, which is located in the city’s Bhugaon micro-market, will be used to develop luxury residential villas with a development potential of 1.3 million sq ft.
PremiumBengaluru: Real estate firm Arvind SmartSpaces Ltd (ASL) on Wednesday said it has finalized the agreement for an outright purchase of a 35-acre land parcel for ₹100 crore in suburban Pune.
The land, which is located in the city’s Bhugaon micro-market, will be used to develop luxury residential villas with a development potential of 1.3 million sq ft.
When launched, this will mark the company’s first large horizontal residential development project and its second residential project in Pune. ASL will fund the project with a mix of equity, internal accruals and fresh debt.
Bhugaon is a prominent residential hub along Mulshi road, a fast-growing villa and plotted development destination in the city.
“…This project marks our entry into another key micromarket of Pune, after the success of our first project in Kothrud. We have seen a steady increase in demand for luxury and villa developments and we are happy to add this project to our portfolio. This land acquisition is in line with our strategy of investing in new growth markets such as Pune and MMR, beside widening our footprint in Bangalore and Ahmedabad," said Kamal Singal, Managing Director and CEO, Arvind SmartSpaces.
ASL ventured into the Maharashtra property market in early 2019, with the launch of Elan, a residential project in Pune.
Arvind Smartspaces recently added two projects to its portfolio –in Bengaluru’s Devanahalli area another residential villa project in Sarjapur.
The company has about 25 million sq ft of real estate development across Ahmedabad, Gandhinagar, Bengaluru and Pune.
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