Ahmedabad-based Arvind SmartSpaces Limited (ASL) has signed its first society redevelopment project in the Santacruz area of Mumbai, with an estimated revenue of ₹300 crore. The company said that the project will have an estimated carpet area sale of 42,000 sq ft.
“This project marks Arvind SmartSpaces’ entry into the society redevelopment segment. It is the company’s first residential apartment project in the Mumbai Metropolitan Region (MMR) and the second project in the region,” the company said in a statement on March 27.
According to the company, the project is strategically located in a well-established micro-market in Santacruz (West) and is well connected to the north–south arterial road linking Bandra, Khar, Santacruz, Vile Parle, and Andheri.
The project offers strong multimodal access via the Western Railway line, proximity to the Western Express Highway, and quick connectivity to the Chhatrapati Shivaji Maharaj International Airport, while also benefiting from improved east–west linkages through the Santacruz– Chembur Link Road. Its central location between key residential, commercial, and retail hubs, including BandraKurla Complex, drives strong end-user and rental demand, making it a high-potential residential corridor with sustained capital appreciation, the company said.
The company announced that with the addition of this project, its cumulative new business development topline potential for the year stands at Rs. 3,140 crore.
“This project addition is an important milestone in our Mumbai portfolio journey. MMR is a strategically important market for us, and redevelopment offers a compelling opportunity. The signing highlights our brand strength, as society redevelopment space necessitates credibility. We are very excited to partner with the society members to deliver a landmark project,” said Priyansh Kapoor, Managing Director and CEO, Arvind SmartSpaces.
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Meanwhile, the company in January 2025, had announced its foray into the Mumbai Metropolitan Region (MMR) by entering into a joint development agreement to build a 92-acre township with an estimated revenue potential of ₹1500 crore.
The company had 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.