Arvind SmartSpaces Limited (ASL) announced today the acquisition of a new residential apartment project in Bengaluru. The high-rise development, located on ITPL Road near Whitefield, is expected to generate a top-line potential of approximately ₹600 crore.
The shares of Arvind SmartSpaces Limited (ASL) were trading at ₹829.95 up by ₹35.95 or 4.53 per cent on the NSE today at 10.45 am.
The project, spread across 2.9 acres, will offer a saleable area of 4.2 lakh square feet. This marks ASL’s 12th overall and 8th high-rise project in Bengaluru. The development will be undertaken on a joint development basis.
The new acquisition follows ASL’s recent Bannerghatta high-rise project signed in FY24. With this addition, ASL’s cumulative new business development topline potential for the year reaches Rs. 1,010 crore.
Kamal Singal, Managing Director and CEO of Arvind SmartSpaces, expressed optimism about the real estate market and stated that the company is on track to add new projects across Ahmedabad, Bengaluru, and MMR.
The ITPL Road location offers proximity to IT hubs, social infrastructure, and transportation links, including a nearby metro station.