About Arvind SmartSpaces Limited (ASL)

Arvind SmartSpaces Limited (ASL) is a public company incorporated on December 26, 2008, in Ahmedabad, and is the real estate arm of the Lalbhai Group, a USD 1.7 billion conglomerate. Its shares are listed on the National Stock Exchange of India Limited and BSE, with the registered office at Navrangpura, Ahmedabad  . The company develops design-led residential communities—villas, apartments and plotted developments—along with select commercial and industrial projects, including integrated townships with amenities such as golf courses, retail and recreation . As of FY24–25, ASL had completed 6.5 Million sq ft, with 35.9 Million sq ft under development and 64.1 Million sq ft upcoming; its project mix by pipeline was 87% mid-segment, 10% premium/luxury and 3% affordable as on March 31, 2025 . The company’s strategic presence spans Ahmedabad (its traditional stronghold), Bengaluru and the Mumbai Metropolitan Region (MMR), where it is expanding through horizontal and vertical formats . ASL entered MMR with a ~Rs 1,500 crore horizontal township near Khopoli, marking a key expansion into Mumbai 3.0 . The organisation reported 434 permanent employees in FY24–25 .

Subsidiaries: As per FY24–25 disclosures, the company had 29 subsidiaries; it also had one joint venture entity .

Key milestones include record annual bookings, sustained project additions across key markets, and a focused build-out of horizontal townships. The company also maintained an asset-light approach with a strong emphasis on joint development models to scale across geographies .

Business Segments

[No separate percentage contribution to revenue by segment/vertical or by geography was disclosed in the Annual Report. Hence, this section is omitted.]

Arvind SmartSpaces Limited’s Key Management

• Sanjay S. Lalbhai – Chairman & Non-Executive Director
• Kulin Sanjay Lalbhai – Non-Executive Director & Vice Chairman
• Kamal Singal – Managing Director & Chief Executive Officer
• Avinash Suresh – Chief Operating Officer
• Mitanshu Shah – Chief Financial Officer (appointed June 1, 2024)
• Prakash Makwana – Company Secretary

Latest Updates on Arvind SmartSpaces Limited (ASL) 

• Expansion into MMR: ASL entered the Mumbai Metropolitan Region with a horizontal, multi-asset township near Khopoli, with an estimated topline potential of ~Rs 1,500 crore, signalling a major strategic foray into Mumbai 3.0  .
• Strong booking momentum: FY24–25 bookings reached Rs 1,271 crore, up 15% year-on-year; Bengaluru contributed Rs 474 crore, or 37% of annual bookings  .
• New launches: Two projects—Arvind Aqua City and The Park—collectively contributed Rs 855 crore, accounting for 67% of the year’s bookings .
• Project pipeline additions: Five projects were added across Ahmedabad, Bengaluru and MMR, representing a cumulative topline potential of ~Rs 4,450 crore; this included a 150-acre plotted development in Ahmedabad (~Rs 600 crore potential) and a mega industrial park (~Rs 1,350 crore potential) on NH47  .
• Collections and operating performance: The company recorded its highest-ever annual collections of Rs 942 crore, underscoring a strong operating cycle from sales to delivery.
• Capital and rating actions: Authorised share capital was increased to Rs 70.00 crore; during the year, the credit rating was affirmed at IND A+/Stable by India Ratings and Research.
• Organisation strengthening: ASL adopted a decentralised structure with Chief Business Officers leading regional P&Ls to scale efficiently across geographies.