Arvind SmartSpaces announces new residential project acquisition in Bengaluru’s Bannerghatta
Arvind SmartSpaces Limited (ASL), a flagship name among India’s real estate magnates and a member of the Lalbhai group, unveiled its acquisition of a promising residential project. Located on Bannerghatta Road, Bengaluru, the project boasts an expansive saleable area of approximately 4.6 lakh sq. ft. and a stellar top-line potential close to Rs. 400 Cr. Secured outright under the HDFC Platform 2, the acquisition presents significant growth opportunities.
Bannerghatta: Bengaluru’s Residential Gem
Nestled in Bengaluru’s southern region on SH87, Bannerghatta has emerged as a rapidly flourishing residential micro-market. Famed for its prime connectivity to the Bannerghatta Main Road and the bustling IT/ITES hub in Electronic City, the location is a tech enthusiast’s dream. Home to an array of IT corporations and tech parks, the project’s location is also strategically close to premier schools, hospitals, retail hubs, and commercial hotspots. Further enhancing its appeal are its vicinity to renowned attractions such as MM Hills, The Bannerghatta National Park, St. Marks Cathedral, the Pearl Valley, ISKON Temple, and Meenakshi Mall, to name a few.
Offering insights on the acquisition, Kamal Singal, Managing Director and CEO of Arvind SmartSpaces, remarked, “Our diversification initiatives, spanning both horizontal and vertical developments in Bengaluru and Ahmedabad, continue to advance. This high-rise addition to our diverse portfolio aims to reinforce our footprint in Bannerghatta Road, a prime Bengaluru micro-market. Our acquisition undoubtedly amplifies our dominance in South Bengaluru.
With the company’s cumulative new business development top-line potential soaring to over Rs. 2,800 Cr for the current year, the real estate sector’s vitality remains robust. As per Mr. Singal, “We are on course to finalize our ongoing business strategy, involving a Rs. 1000 Cr fresh investment, aiming to achieve an unprecedented year concerning novel project inclusions, both from a monetary and volumetric standpoint.”