Rs 900-crore platform for residential projects

To scout for new projects for residential development in Ahmedabad, Bengaluru, Pune and Mumbai Metropolitan Region, Ahmedabad-based Arvind SmartSpaces Limited (ASL) has created a Rs 900-crore residential development platform with HDFC Capital Advisors as investment manager of HDFC Capital Affordable Real Estate Fund – 3 (HCARE – 3). A separate special purpose vehicle (SPV) will be set by ASL to house the projects under this platform where ASL and HCARE-3 have proposed to invest are 300 crore and Rs 600 crore respectively, stated an official release from ASL on Friday.

The platform will create overall revenue potential of Rs 4,000 crore to Rs 5,000 crore, excluding reinvestment potential. “The proposed platform will help exponentially grow our footprints in targeted geographies and, in turn, expected to create significant value for stakeholders,” stated Kulin Lalbhai, Director, ASL.