Arvind SmartSpaces has inked an agreement with HDFC Capital Affordable Real Estate Fund - 3 (HCARE - 3) for the creation of residential development platform with a revenue potential of upto Rs 5000 crore. This follows an earlier announcement of the Board approval for the same on August 12, 2022.
The company has incorporated a wholly owned subsidiary named ‘Arvind SmartHomes to house the projects to be acquired under this platform wherein Arvind SmartSpaces (as promoter) and HDFC Capital Advisors as Investment Manager of HDFC Capital Affordable Real Estate Fund - 3 (HCARE - 3), shall make investments of Rs 300 crore and Rs 600 crore respectively from time to time for acquisition and construction of real estate projects in India.
Two of India’s most trusted brands- HDFC and Arvind SmartSpaces together are committed to unlock tremendous value for its stakeholders through this new initiative. The Platform will create overall revenue potential of upto Rs 5000 crore excluding reinvestment potential. Over the next 12 months, 6-7 projects are expected to be acquired through this platform.
Arvind SmartSpaces is engaged in to the business of Construction and Real Estate.
