After selling the whole first phase of its new Bengaluru property, Arvind Smartspaces increased its stock price

On November 28, the real estate development company Arvind Smartspaces Limited (ASL) announced that on November 26 the entire first phase of its residential plotting project, Arvind Greatlands in Devanahalli, Bengaluru, was launched and sold.

According to the company's regulatory filing, the first phase of this project, which included 400 plots with a total saleable area of 0.57 million square feet and a booking value of more than Rs 200 crore, sold out in just 10 hours.

Following the news, Arvind Smartspaces' shares increased by more than 8% today to close at Rs 281.50 per share on the BSE as the Indian stock market experienced a record-high rally in the Sensex, Nifty 50, and Nifty Bank. Shares of Arvind Smartspaces have increased 31.33 percent year to date since they opened today at Rs 260. The market value of the company is currently Rs 1,268 crore.

Returning to the project, Arvind Smartspaces claimed that it was with this endeavour that it entered Bengaluru's plotted development market. The project's initial 50 acres were purchased under HDFC Platform 1, in which HDFC spent Rs 50 crore.

Additionally, ASL has purchased 18 acres next to this project completely, with the option to develop it even further.

Regarding the amenities at Arvind Greatlands, the business claimed that customers will also receive memberships to Monogram Resort - Devenahalli, which offers facilities like a gym, rooftop infinity pool, indoor games room, table tennis, jogging track, badminton court, spa, library, restaurant, executive business centre, multimedia theatre, discotheque, and yoga pavilion.

The CEO and Managing Director of Arvind SmartSpaces, Kamal Singal, stated on the launch: "Our goal is to exceed their expectations by completing a first-rate project. This very positive response from clients is a credit to Arvind's strong brand equity, ASL's effective sales ecosystem, and its track record of successful execution. The Bengaluru market is a crucial component of our expansion strategy, so the success of Arvind Greatlands on the runway is all the more significant. We look forward to setting new records in the city.

Sensex and Nifty finished at record closing levels on November 28, while Indian benchmark indices also had a successful day.

At close, the Nifty was up 50 points or 0.27% at 18,562.80, while the Sensex was up 211.16 points, or 0.34%, at 62,504.80. 2024 of the shares are up, 1458 are down, and 185 are remaining steady.

The top Nifty gainers included BPCL, Reliance Industries, Hero MotoCorp, Tata Consumer Products, and SBI Life Insurance; losers included Hindalco Industries, JSW Steel, Apollo Hospitals, Tata Steel, and Bharti Airtel.

All sectoral indices, with the exception of metal, finished in the black, with oil & gas up 1.5%.