Arvind SmartSpaces Limited ("ASL"), one of India's leading Real Estate developers, part of the Lalbhai group, announced that it has successfully given exit to HDFC Capital Affordable Real Estate Fund -3 ("HCARE-3") on the project named Arvind Fruits of Life. This is a premium plotting development at Bavlu, Gandhinagar and the first project added under the HDFC Platform 2 in Q2 FY23.
The funds invested by HCARE-3 have been repaid in full from the project cash flows driven by strong sales momentum and collections from the project. Meaningful returns delivered to both the entities HCARE-3 and ASL, highlight the platform objectives.
The Rs. 900 crore HDFC Capital Affordable Real Estate Fund - 3 ("HCARE - 3"), which is the second platform with HDFC Capital Advisors continues to progress well and strengthen the strategic relationship between the two companies. Three projects have been acquired till date under HDFC Platform 2 - one in Gandhinagar (Arvind Fruits of Life) and two in Bengaluru (Doddaballapura Road and Bannerghatta Road).
Mr. Kamal Singal, Managing Director and CEO of Arvind SmartSpaces added "The successful financial closure of Fruits of Life to HCARE-3 in just one year is truly a noteworthy milestone. It not only highlights the brand equity and execution capabilities of brand Arvind but also the thriving nature of horizontal/plotting projects and the Ahmedabad market. The Platform 2 continues to progress well with three projects already acquired under it, across Ahmedabad and Bengaluru. We look forward to acquire additional projects under this platform in our targeted markets during the year and create significant value for all stakeholders."
Shares of Arvind SmartSpaces Limited was last trading in BSE at Rs. 379.55 as compared to the previous close of Rs. 379.85. The total number of shares traded during the day was 8628 in over 517 trades.
The stock hit an intraday high of Rs. 383.65 and intraday low of 373.00. The net turnover during the day was Rs. 3268409.00.