How Will Arvind SmartSpaces Acquisition of 35 acres in Bhugaon, Pune For INR 100 Cr Impact The Real Estate Market There?

Arvind SmartSpaces, the Lalbhai Group's property development arm, has bought a 35-acre land piece in Pune for Rs 100 crore to create its second residential project.

Recently, a definitive deal was made for the outright acquisition of land in Pune's Bhugaon micromarket. The property tract offers 1.3 million square feet of development potential. This will surely affect the Bhugaon real estate market in a very positive manner and impact the growth of Bhugaon properties in the right manner.

As per Kamal Singal, MD of Arvind SmartSpaces this land purchase in Bhugaon will lead to their first significant horizontal residential construction in Pune.," Kamal Singal also expressed that Pune and the Mumbai Metropolitan Region (MMR) are the real estate development company's new growth regions after Bengaluru and Ahmedabad, and they want to expand their presence in these real estate markets aggressively as part of their current real estate investment plans.

As part of the contractual agreement, Arvind SmartSpaces has already paid a token sum. The corporation intends to finance the project through a combination of cash on hand, internal accruals, and new loans.

The Ahmedabad based property developer evaluated a number of variables before settling on Bhugaon as the project's location. One major factor was the proximity of the Bhugaon real estate market to Hinjewadi which is the undisputable IT hub in Pune with huge real estate projects and multiple property developments. The fact that Mulshi Road in Bhugaon is rapidly developing as a real estate market in Pune especially for villa and plot construction activities also triggered their decision to buy this plot in Pune.

Pune has established itself as a high-growth property market, with residential sales and launches expected to increase by about 40% and 18%, respectively, in 2021. Apart from property developers located in Pune, other prominent Indian real estate developers from other cities have also entered this property market.

In early 2019, Arvind SmartSpaces entered the Maharashtra market with the launch of its 'Elan' project in Pune. The overall built-up area of the project is 130,000 square feet. The upscale complex, located in the Kothrud district, features 81 two-bedroom units.

The fact that Arvind SmartSpaces has bought 35-acre land parcel in Bhugaon, Pune for Rs 100 crore to set up luxury villas will definitely boost the overall Pune real estate market in a big way.

About Arvind SmartSpaces

Arvind SmartSpaces, headquartered in Ahmedabad and founded in 2009, has quickly built a presence in the real estate business. Their mission is to develop real estate developments that provide value to their clients' lives. This philosophy is reflected in the accuracy with which they conduct business, the simplicity with which they conduct transactions, and the thoughtfulness with which they construct real estate projects.

Arvind SmartSpaces has developed approximately 25 million square feet of commercial space in Ahmedabad, Gandhinagar, Bengaluru, and Pune.The business recorded a 10% year-on-year gain in fresh sales to Rs 158 crore for the quarter ended December, bolstered by the successful introduction of additional stages of its current Ahmedabad projects.