Arvind SmartSpaces Limited (ASL), announced that it has signed two large horizontal (plots and Villas) multiuse, golf themed development projects in Ahmedabad, with a total estimated area of ~704 acre and a top-line potential of INR 23,000 million. These projects are located in South Ahmedabad and would be ASL's 17th and 18th projects in Ahmedabad. Both the projects are signed under the joint development model enabling low capital intensity and higher returns.

Project 1: ASL economic interest: 50%; Revenue share Area in acre: ~500; Area in msf: ~20.0; Revenue Potential in INR Million: 14,500. Project 2: ASL economic interest: 55%; Revenue share Area in acre: 204; Area in msf: 8.8; Revenue Potential in INR Million: 8,500. These additions highlight the Company's efforts towards further strengthening its presence in the high potential micro markets of South Ahmedabad.

South Ahmedabad has emerged as one of the promising micro-markets for plotted development /weekend homes in Ahmedabad. The area has a well-developed connectivity with various parts of Ahmedabad with close proximity to the various Industrial hubs such as Changodar, GIDC etc. Both the projects are envisaged to be a multi-asset townships.

Arvind SmartSpaces with these has added 18 projects across the Ahmedabad region with 8 projects having already been delivered and 10 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 upcoming 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.