Arvind SmartSpaces to develop 92-acre township in MMR, eyes Rs1,500 cr revenue

New Delhi: Realtyfirm Arvind SmartSpaces Ltd has entered into a joint development agreement to build a 92-acre township with an estimated revenue potential of Rs 1,500 crore.

In a regulatory filing on Friday, the company said it has signed an agreement for a large horizontal, multiuse project in Mumbai Metropolitan Region (MMR), "with a total estimated area of 92-acre and a top-line potential of Rs 1,500 crore." The company has tied up with Sach Developers to build this township, located near Khopoli, Mumbai. The project is signed under a joint development model (70.5 per cent revenue share) enabling low capital intensity and higher returns. Kamal Singal, Managing Director and CEO, Arvind Smartspaces said, "We are happy to announce our entry into the Mumbai real estate market, marking a significant milestone in our growth journey. We are confident of the large opportunity the MMR plotted/villa market presents and look forward to bring our horizontal value proposition there." He said the entry into MMR reinforces the company's strategy of balanced geographic diversification across Gujarat, Karnataka and Maharashtra.