Arvind SmartSpaces Ltd., part of the Lalbhai group, signed a society redevelopment project in Santacruz, Mumbai with a top-line potential of Rs 300 crore. The total estimated carpet area for sale is 42,000 square feet.
With this project addition, the cumulative new business development topline potential for the year stands at Rs 3,140 crore. The Santacruz project marks Arvind SmartSpaces' entry into the society redevelopment segment and the first residential apartment project in the Mumbai metropolitan region, a statement said on Friday.
"MMR is a strategically important market for us, and redevelopment offers a compelling opportunity," said Priyansh Kapoor, managing director and CEO of the Ahmedabad-based developer.
Strategically located in a well-established micro-market of Santacruz (West), the project has excellent connectivity from north–south arterial road linking Bandra, Khar, Santacruz, Vile Parle, and Andheri. It offers strong multimodal access via the Western Railway line, proximity to the Western Express Highway, and quick connectivity to the Chhatrapati Shivaji Maharaj International Airport, while also benefiting from improved east–west linkages through the Santacruz–Chembur Link Road.
The central location between key residential commercial and retail hubs, including BandraKurla Complex, drives strong end-user and rental demand, making it a high-potential residential corridor with sustained capital appreciation, Arvind SmartSpaces said.
Shares settled 2.1% lower at Rs 510.35 on the NSE, ahead of the news, compared to a 2.1% advance in the benchmark Nifty 50. The stock is down 27% in the last 12 months and 14% year-to-date.
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