Bengaluru, September 28: South India-based real estate developer Arvind SmartSpaces Limited (ASL) has announced the acquisition of a new residential high-rise project in the upcoming Bengaluru suburb of Sarjapur Road under a joint development arrangement. The upcoming project has an estimated revenue potential of ₹ 470 crore, including its undisclosed project partner’s share, marking the company’s 11th high-rise undertaking in the city.
The newly acquired property is a direct extension of the company’s existing Arvind Sylvia development along Sarjapur Road. Under the joint development model, property developers partner with landowners to construct housing units, sharing either the built-up area or revenues generated from sales rather than purchasing the land outright.
The project will offer about 3.6 lakh square feet of developable residential space, with the apartments targeted for the mid to premium-segment buyers.
After entering the Bengaluru real estate market in 2013, Arvind SmartSpaces has steadily expanded its footprint across the residential, commercial, and industrial segments in the city.
With this acquisition, Arvind SmartSpaces has added a total of 16 projects across Bengaluru. Out of these, 8 projects have been completed and delivered to buyers, while the remaining 8 are in various phases of planning and construction.
