After Bengaluru, Ahmedabad-based Arvind Group's real estate firm Arvind SmartSpaces is now foraying into Maharashtra with a premium multi-storied residential project in Pune. Arvind SmartSpaces is part of the $1.7 billion textile-to-brands conglomerate Arvind Group.
Titled 'Arvind Elan', the project is spread over a total built-up area of 140,000 sq ft across two acres of land. Armed with high-end luxury specifications, Arvind Elan comprises 120 units of two bedroom hall kitchen (2 BHK) located in Kothrud area of Pune.
With construction work as well as sales having begun, the current project is likely to be commissioned in next 2-3 years. Including taxes and other charges, the properties are being priced at Rs 91 lakh to Rs 1.06 crore per unit.
While the current project is on a joint development basis wherein Arvind SmartSpaces has acquired development rights from the landowner, the company is looking at future projects where it could also acquire land depending on various factors, said Kamal Singal, CEO & MD of the company.
In all the company has a pipeline of over 10 million sq ft of mostly residential projects under development across Gujarat, Karnataka and Maharashtra even as it is open for more projects through either joint development mode or outright land purchase. Including the pipeline and operational space, the company manages around 13-14 million sq ft of properties.
"While we are looking at more land parcels across the cities, we are also open to joint development and joint venture models," said Singal. In 2017-18, the company had posted a turnover of Rs 12.80 crore over a net profit of Rs 2.97 crore. In 2017-18, the company had posted a turnover of Rs 202 crore over a net profit of Rs 30 crore.