Shares of Arvind SmartSpaces Limited surged nearly 10% on Monday morningafter the company announced a new residential horizontal development project in Metal, South Ahmedabad with a top-line potential of approximately Rs. 180 crore.
The stock rose 9.69% to Rs. 652.25 on the National Stock Exchange, against a previous close of Rs. 594.65. The scrip touched an intraday high of Rs. 656.70 and an intraday low of Rs. 611.20. The company’s market capitalisation stood at approximately Rs. 2,990 crore at the time of reporting.
Arvind SmartSpaces: The project in South Ahmedabad
Arvind SmartSpaces, part of the Lalbhai Group and established in 2008, said it has signed a joint development agreement for a plotted residential project located on Kerala-Nalsarovar Road in South Ahmedabad. The project spans 58.25 acres and has a saleable area of 2.5 million square feet, with an estimated top-line potential of Rs. 180 crore.
South Ahmedabad emerges as a promising real estate micro-market
The company said South Ahmedabad has emerged as one of the most promising micro-markets for plotted developments and weekend homes in the Ahmedabad region, driven by increasing demand and improving infrastructure connectivity.
“We are happy to announce the acquisition of this residential plotted development project in the high-potential market of South Ahmedabad,” Priyansh Kapoor, MD and CEO, Arvind SmartSpaces, said in the exchange filing.
“Ahmedabad continues to offer compelling growth opportunities in the horizontal real estate segment, driven by robust infrastructure development and growing demand for plotted developments. The Company has established several benchmarks in the plotting and villa segments and is well-positioned to capitalize on the significant opportunities in this space,” Kapoor added.
Headquartered in Ahmedabad, Arvind SmartSpaces has approximately 100.1 million square feet of real estate development across Ahmedabad, Gandhinagar, Baroda, Bengaluru, MMR and Pune. The company has real estate developments in the plotting and villa segments and counts delivered projects across these cities among its credentials.
