Arvind Smartspaces launches, sells entire first phase of its new project; stock jumps 6%

Real estate developer Arvind SmartSpaces Limited (ASL) on Monday announced that the company's wholly owned subsidiary Arvind Homes Pvt. Ltd. has launched and sold the entire first phase of its Bengaluru residential project.

The first phase of the residential project Arvind Greatlands in Devanahalli, Bengaluru, which has 400 plots with a saleable area of 0.57 million sq. ft. amounting to a booking value of more than ₹200 crore, was sold out in 10 hours, said the company in its regulatory filing.

The shares of Arvind SmartSpaces rose over 8 per cent intra-day to trade at ₹282.75 apiece on BSE. The stock ended 6.25 per cent higher at ₹276.35 apiece against its previous day closing.

The shares of Arvind SmartSpaces opened at ₹260 on Monday and have surged 31.33 per cent year-to-date (YTD). The company's market capitalization now stands at ₹1,268 crore.

Arvind SmartSpaces said that this project marked its entry into the plotted development segment in Bengaluru. 50 acres of the project were originally acquired under HDFC Platform 1 wherein HDFC has invested ₹50 crore.

“We are thrilled to have received this strong vote of confidence from our customers in Bengaluru. Our focus is to live up to their expectations by successfully delivering an outstanding project. This overwhelming response from customers is testament to the brand equity of Arvind, powerful sales ecosystem of ASL and execution track record. The runway success of Arvind Greatlands gains further significance as Bengaluru market is critical part of our growth strategy and we look forward to create further milestones in the city,” said Kamal Singal, Managing Director and CEO, Arvind SmartSpaces.

Arvind SmartSpaces has acquired 18 acres on an outright basis adjacent to this project with a potential to expand the same further.

Arvind Greatlands customers will also get a membership of Monogram Resort – Devenahalli offering various amenities including gymnasium, rooftop infinity pool, indoor games room, table tennis, jogging track, badminton court, others.

Realty developer Arvind SmartSpaces has reported 79 per cent on-year rise in net profit at ₹4.8 crore for the quarter ended September. The revenue from operations grew by 96 per cent at ₹50 crore.

The company’s bookings grew by 3 per cent to ₹189 crore during the quarter, while its collections stood at ₹113 crore as against ₹161 crore a year ago.

Sensex was up 211.16 points or 0.34% at 62,504.80, and the Nifty was up 50 points or 0.27% at 18,562.80.