Arvind Smartspaces ties up with landowners to develop 2 townships in Ahmedabad

Realty firm Arvind SmartSpaces Ltd has signed two joint development agreements to develop township projects, spread over 704 acre land parcels, in Ahmedabad with a sales revenue potential of around Rs 2,300 crore.

In a regulatory filing, Arvind SmartSpaces informed that it has signed two large horizontal (plots and villas) multi-use, golf-themed development projects in Ahmedabad, with a total estimated area of around 704 acre and a top-line potential of about Rs 2,300 crore."

Both the projects are signed under the joint development model enabling low capital intensity and higher returns, it added.

The company did not mention the name of the landowners with whom it has signed joint development agreements.

With the addition of these two projects, Arvind SmartSpaces has 18 projects across Ahmedabad region with 8 projects having already been delivered and 10 in various stages of development.

In the first project, spread over 500 acre and a revenue potential of Rs 1,450 crore, the company has an economic interest of 50 per cent.

The company has 55 per cent economic interest in the second project, which is spread over 204 acre and carries a revenue potential of Rs 850 crore.