Shares of Arvind SmartSpaces Ltd. surged over 5%, reaching a day’s high of Rs 839.65 on 9th October, after the company announced the launch of a new high-rise residential project in Bengaluru.

The project is located on ITPL Road, which spans 2.9 acres and offers a saleable area of approximately 4.2 lakh square feet. It is projected to generate top-line revenue of Rs 600 crore.

This development marks the company’s 12th overall project and eighth high-rise in Bengaluru.

The project is developed on a joint development basis and is strategically situated in one of Bengaluru’s established residential areas. It provides connectivity to IT hubs and major tech parks in Whitefield.

The site benefits from robust infrastructure, including nearby metro access, schools, hospitals, retail centres, and easy connections to key locations like Phoenix Marketcity and Whitefield Railway Station.

Kamal Singal, Managing Director and CEO of Arvind SmartSpaces expressed pleasure in adding another high-rise project, reinforcing their position in India’s large real estate market.

This new project brings the company’s total new business development potential for the year to Rs 1,010 crore.

They aim to expand their presence in key cities, including Bengaluru, Ahmedabad, and the Mumbai Metropolitan Region (MMR).

At 1:17 PM, the shares of Arvind SmartSpaces were trading 5.04% higher at Rs 834 on NSE.

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