Arvind SmartSpaces gains on signing agreement with HDFC Capital Advisors

24 Aug 2022 , 09:23 AM

The company has incorporated a wholly owned subsidiary named Arvind SmartHomes to house the projects to be acquired under this platform wherein Arvind SmartSpaces (as the promoter) and HDFC Capital Advisors as Investment Manager of HDFC Capital Affordable Real Estate Fund – 3 (HCARE -3), shall make investments of Rs 300 crore and Rs 600 crore, respectively, from time to time for acquisition and construction of real estate projects in India. The platform will create an overall revenue potential of upto Rs 5,000 crore excluding reinvestment potential. Over the next 12 months, 6-7 projects are expected to be acquired through this platform. Kulin Lalbhai, Non-Executive Director, Arvind SmartSpaces Limited added ?With increased consolidation and formalisation of industry, Indian real estate market presents a tremendous opportunity. The sizeable funds being invested by this platform bring in an orbital change in the scale of operations and the new project pipeline of the company. I am sure this platform along with the Arvind SmartSpaces team will ensure our companys sustained success and lead it to newer heights.? ASLs strategic alliance with HDFC Capital Advisors began in the year 2019. ASL had entered a strategic partnership with HDFC Capital Affordable Real Estate Fund 1 (H-CARE 1) ? a fund managed by HDFC Capital Advisors, a subsidiary of HDFC. The partnership was set-up with a focus on the development of affordable and mid-income housing projects in India. The relationship further deepened in 2021, with a preferential issue to HDFC Capital Advisors wherein H-CARE 1 subscribed to 8.8% equity stake in ASL on a fully diluted basis. Arvind SmartSpaces is Indias corporate real estate development company, with approximately 26 million square feet of real estate development across the country. The company has real estate developments across Ahmedabad, Gandhinagar, Bangalore and Pune. The companys consolidated net profit surged to Rs 7.24 crore in the quarter ended June 2022 as against Rs 2.50 crore during the previous quarter ended June 2021. Sales rose 123.60% to Rs 60.26 crore in Q1 FY23 over Q1 FY22. Powered by Capital Market – Live News