Arvind SmartSpaces completes exit for HDFC Capital in Arvind Fruits of Life project
Arvind SmartSpaces Limited (ASL), a prominent name in India’s real estate sector and part of the Lalbhai group, has recently announced a successful financial closure for HDFC Capital Affordable Real Estate Fund-3 (HCARE-3) in their project, ‘Arvind Fruits of Life’. Located in Bavlu, Gandhinagar, this premium plotting development was the first to be included under HDFC Platform 2 in Q2 FY23.
Significant Returns Delivered in Gandhinagar Real Estate Project
The funds invested by HCARE-3 in ‘Arvind Fruits of Life’ have been fully repaid, a testament to the project’s robust sales momentum and impressive collections. This development not only underscores the strong market presence of Arvind SmartSpaces but also highlights the fruitful collaboration between ASL and HCARE-3, fulfilling the platform’s strategic objectives.
HDFC Capital and Arvind SmartSpaces: Strengthening Strategic Ties
The Rs. 900 crore HCARE-3, in its second collaboration with HDFC Capital Advisors, continues to fortify the partnership between the two companies. Under HDFC Platform 2, three projects have been acquired to date, including the ‘Arvind Fruits of Life’ in Gandhinagar and two projects in Bengaluru, located on Doddaballapura Road and Bannerghatta Road.
Arvind SmartSpaces Arvind Fruits of Life project
A Milestone Achievement in Real Estate Development
Kamal Singal, Managing Director and CEO of Arvind SmartSpaces, remarked on the significance of this achievement. He stated, “The successful financial closure of Fruits of Life to HCARE-3 in just one year is truly a noteworthy milestone. It highlights the brand equity and execution capabilities of Arvind and the thriving nature of horizontal/plotting projects in the Ahmedabad market.” He further added that Platform 2 is progressing well with three projects already acquired across Ahmedabad and Bengaluru, and plans to acquire additional projects in targeted markets, aiming to create significant value for all stakeholders.
This successful transaction exemplifies the strength and potential of strategic partnerships in India’s real estate sector, particularly in the rapidly growing markets of Gandhinagar and Bengaluru.