Arvind SmartSpaces targets strong growth in Gujarat with launch pipeline of ₹1,500 Cr in Ahmedabad and Surat in FY25
Expects more than 30-35% YoY growth in sales value cumulatively from Ahmedabad & Surat in FY25
Aims to add new projects worth ₹1,200-1,500 Cr in FY25 in Gujarat
4th July, 2024 Ahmedabad: Arvind SmartSpaces Limited (ASL), one of India’s leading real estate development company has delivered a strong business growth over past several years, marked by significant developments, new project launches, and the success of ongoing projects in Ahmedabad. The Company reported a 38% growth in bookings and 46% growth in collections compounded across the five years ending FY24. The company currently has more than 1,000 acres under development in Ahmedabad, contributing to a total Gujarat portfolio of 68.8 million square feet (msf), which includes 13 msf in Surat and the remainder in Ahmedabad. Of this portfolio, 42.2 msf is planned (including 13 msf in Surat), 23.4 msf is ongoing, and 3.2 msf has been completed.
In its Gujarat-specific expansion plans, Arvind Smartspaces is focusing on strategic investments in Ahmedabad and Surat. Out of the total ₹2,500 crore worth of new launches planned in FY25, ₹1,500 crore will be concentrated in Ahmedabad and Surat. From the ₹5,500 crore business development pipeline, the company anticipates that ₹1,200 to ₹1,500 crore will be from Gujarat in FY25.
In Ahmedabad, Arvind Smartspaces saw bookings grow from ~₹340 crore in FY23 to ~₹690 crore in FY24. Gujarat bookings expected to grow 30-35% YoY in FY25. The recent expansion into Surat marks a significant milestone in the company’s growth strategy, and the project will be launched in FY25. Nationally, the company has executed several successful launches, witnessed robust growth, and increased its footprint with strong year-on-year performance in pre-sales and collections.
Mr. Kamal Singal, Managing Director and CEO, Arvind SmartSpaces reflected on the company’s transformative journey in Gujarat saying that “We are quite optimistic about the Gujarat residential market and are excited to develop several large golf themed townships there. We now have ~69 msf of projects in the Gujarat region across Ahmedabad, Gandhinagar and Surat. We are confident of the large opportunity the Gujarat market presents and look forward to expand our presence there. We look forward to both launch and add new projects in the region in the coming quarters. Arvind Smartspaces remains committed to delivering high-quality real estate projects which balance spaciousness and aesthetics, contributing to the sustainable development of urban landscapes in Gujarat and beyond.”
Arvind SmartSpaces, projects are designed not just to build to inspire. #DesignedToInspire is about democratising design. Arvind Smartspaces, combines the innate design sense that is the group DNA, with the power and credibility of an industrial house. This allows ASL to institutionalise high design standards, and deliver them consistently, with scale, on schedule.
Arvind SmartSpaces has a total of 19 projects across the Ahmedabad region with 8 projects having already been delivered and 11 in various stages of development. Ahmedabad has been a hub for industries and witnessed tremendous infrastructure boost initiated by the government over the last decade. Increased BFSI, IT/ITeS activity, high quality of life parameters and increased affordability have further improved the residential real estate demand in Ahmedabad.
The pandemic and the ensuing hybrid work culture caused a paradigm shift in people’s priorities with homebuyers not only looking for bigger homes but also independent ones with increased focus on health and security. Affinity to own land also increased post pandemic. Further, built-to-suite feature in plotting segment provides additional flexibility to consumers.
Arvind SmartSpaces had added one project in Surat in FY24, which is expected to be launched in FY25. This project marks the entry of ASL into the high potential Surat market. This will be the third city in Gujarat apart from Ahmedabad and Gandhinagar. Surat is a well-established business hub and has emerged as one of the promising markets for plotted development /weekend homes in Gujarat. The project location has a well-developed connectivity with various parts of Surat with close proximity to the industrial cities of Ankleshwar and Bharuch. The project is envisaged to be first large-scale plotting project in Surat with a golf course, large clubhouse, orchards with several thousand full grown trees and a private lake.
