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Adds Joint development project of ~92 acre in Mumbai 3.0
Bengaluru,January 24, 2025: Arvind SmartSpaces Limited (ASL), one of India’s leading real estate development company, today announced that 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. This project is located near Khopoli, Mumbai 3.0 and is the company’s first project in the MMR region. The project is signed under joint development model (70.5% Revenue share) enabling low capital intensity and higher returns.
Mumbai 3.0 is emerging as a prime destination for horizontal developments, including plots and villas, driven by transformative infrastructure projects like Atal Setu and JNPT Port that are reshaping the entire Mumbai Metropolitan Region (MMR). Further, the upcoming Navi Mumbai International Airport, Virar-Alibaug Multimodal Corridor, Mumbai-Pune-MTHL Interchange, and other critical infrastructure enhancements are set to significantly boost connectivity, linking Mumbai 3.0 to key economic hubs and reducing travel times.
The project is envisaged to be the first large-scale horizontal project in the vicinity with amenities likely to include a golf course and a large clubhouse. Contemporary horizontal development effectively addresses the desire for smart, secure, luxurious living while also fostering a sense of community. Key features of this development shall include a deep focus on design, modern amenities, uncrowded recreational facilities, premium customisations and vast green landscapes – all conforming to the buyers’ emerging need to pursue a superior lifestyle.
Commenting on this development, Mr. 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.
Entering MMR reinforces our strategy of balanced geographic diversification across Gujarat, Karnataka and Maharashtra. We look forward to delivering a landmark project in Mumbai that resonates with our brand values of design, quality, and value creation. This project will play a seminal role in ASL’s MMR journey as well as the region’s horizontal development landscape.
With this acquisition the cumulative new business development topline potential stands at ~Rs. 2,500 Cr for the current year to date. In the coming quarters, we also look forward to add more projects in MMR and rest of our target markets including Ahmedabad and Bengaluru.”
Sach Developers, are the land partners on this project.
Nishant Kabra, Head – Capital Markets (West & North), India, JLL, said “The confluence of industry consolidation and a streamlined regulatory framework has created a golden opportunity for well-capitalized branded developers like Arvind SmartSpaces to stake their claim in the coveted MMR market.”
JLL India, was the exclusive land transaction advisor on this project.
