Mumbai: Realty player Arvind SmartSpaces on Wednesday said it has acquired 35 acres of land parcel in Pune to develop a luxury residential project. The company has finalized a binding agreement for an outright purchase of a 35 acres land parcel for Rs 100 crore in Bhugaon in the micro-market of Pune, it said in a statement issued here. “This land acquisition is in line with our strategy of investing in new growth markets such as Pune and MMR, besides widening our footprint in Bangalore and Ahmedabad,” the company said. This new project, which will consist of luxury residential villas with a development potential of 1.3 million sqft, will be funded with a mix of surplus from equity, internal accruals and fresh debt. “This project marks our entry into another key micromarket of Pune, after the success of our first project in Kothrud. We have seen a steady increase in demand for luxury and villa developments and we are happy to add this project to our portfolio,” company’s Managing Director and CEO Kamal Singal said. Arvind Smartspaces recently added two new large-scale projects in Bangalore. The company has around 25 million sqft of real estate development across Ahmedabad, Gandhinagar, Bangalore and Pune. UNI PSK ACL1340
