Ahmedabad-based listed real estate developer Arvind SmartSpaces announced its foray into the Mumbai Metropolitan Region (MMR) on January 24 by entering into a joint development agreement to build a 92-acre township with an estimated revenue potential of ₹ 1500 crore. The company has partnered with Sach Developers to build the township and plans to develop a villa project on the parcel near Khopoli, a two-hour drive from Mumbai. The project is signed under a joint development model (70.
5 per cent revenue share), enabling low capital intensity and higher returns. The project will likely include a golf course and a large clubhouse. While details of the villa project have not yet been finalised, it is expected to be built on a 92-acre land parcel.
The project site is 40 minutes from the Navi Mumbai side of Atal Setu and 25 minutes from the upcoming Navi Mumbai International Airport (NMIA). Also Read: Arvind SmartSpaces signs 2.9-acre housing project in Bengaluru with topline potential of ₹ 600 crore "With this acquisition, the cumulative new business development topline potential stands at ₹ 2,500 crore for the current year.
In the coming quarters, we also look forward to adding more projects in MMR and the rest of our target markets, including Ahmedabad and Bengaluru," the company said. Mumbai 3.0 is emerging as a prime destination for horizontal developments, including plots and villas, driven by transformative infrastructure projects like Atal Setu and JNPT Port that res.
