Arvind SmartSpaces acquires new residential high-rise project in Gujarat with top-line potential of ₹400 crore

Arvind SmartSpaces Ltd. on Friday, November 28, said it acquired a new residential high-rise project in Vastrapur, Ahmedabad with a total estimated saleable area of 2.6 lakh square feet.

The project has a top-line potential of ₹400 crore, it said, adding that it has been acquired on an outright basis.

This will be the company's 24th project in Gujarat.

The site is well-connected to major parts of the city, is in proximity to metro corridors, educational institutions, healthcare facilities and vibrant lifestyle hubs, Arvind SmartSpaces said.

The area offers quick access to business hubs such as Navratna Business Parks and Pinnacle Business park and also IIM Ahmedabad, Vastrapur Lake Garden and Nexus Ahmedabad One Mall, it added.

"The optimisation in the premium residential market remains strong and we look forward to adding new projects across Gujarat, Bengaluru and MMR during the remainder of the year," Priyansh Kapoor, CEO and whole time director of Arvind SmartSpaces, said.

Shares of Arvind SmartSpaces ended the previous session 2.9% up at ₹592 apiece. The stock has declined 33.2% this year, so far.

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