Arvind SmartSpaces trades 2% higher on Bengaluru residential project deal

The project is located in Bannerghatta Road, Bengaluru and acquired on an outright basis under the HDFC Platform 2.

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Shares of Arvind SmartSpaces were up 2 percent to Rs 351.96 on October 23 after the company signed a project in Bengaluru with a topline potential of approximately Rs 400 crore.

The company on October 21 signed the deal for a residential apartment project with a total estimated saleable area of approximately 4.6 lakh sq. ft. It is located in Bannerghatta Road, Bengaluru, and was acquired on an outright basis under the HDFC Platform 2.

With this acquisition, the cumulative new business development topline potential shoots past Rs 2,800 crore for the current year to date, the company said.

“Our diversification initiatives addressing both horizontal and vertical developments across Bengaluru and Ahmedabad are progressing well. We are happy to add this high-rise project to our portfolio and this will deepen our presence in a key micro market in Bengaluru. Bannerghatta Road is a well-established micro-market and this acquisition will further expand the company’s presence in South Bengaluru,” said Kamal Singal, managing director and chief executive of Arvind SmartSpaces.

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Earlier in this month, the company had concluded its first platform with HDFC Capital Affordable Real Estate Fund – 1. ASL had entered into a strategic partnership with HCARE1 in 2019 with an investment potential of Rs 250 crore. A partial commitment was made from this platform in a project ‘Arvind Greatlands’ with a revenue potential of about Rs 400 crore.

The funds invested by HCARE-1 have been repaid in full from the project cash flows driven by strong sales momentum and collections from the project.