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Arvind SmartSpaces Signs First Redevelopment Project in Mumbai's Santacruz with ₹300 Cr Revenue Potential

  • by- Grihik
  • Mar 28, 2026
Ahmedabad-based Arvind SmartSpaces Limited has signed its first society redevelopment project in Santacruz, Mumbai, with an estimated revenue potential of ₹300 crore. The project marks the company's entry into the society redevelopment segment in the Mumbai Metropolitan Region.
Arvind SmartSpaces Signs First Redevelopment Project in Mumbai's Santacruz with ₹300 Cr Revenue Potential

Mumbai, March 28: Arvind SmartSpaces Limited (ASL), a leading Ahmedabad-based real estate developer, has signed its first society redevelopment project in Santacruz, Mumbai, with an estimated revenue potential of ₹300 crore. The project will have an estimated carpet area sale of 42,000 sq ft.

"This project marks Arvind SmartSpaces' entry into the society redevelopment segment. It is the company's first residential apartment project in the Mumbai Metropolitan Region (MMR) and the second project in the region," the company stated in a release on March 27.

Prime Santacruz Location

The project is strategically located in a well-established micro-market in Santacruz (West) , one of Mumbai's most sought-after residential corridors. Key connectivity advantages include:

  • North–south arterial road linking Bandra, Khar, Santacruz, Vile Parle, and Andheri

  • Western Railway line providing multimodal access

  • Proximity to Western Express Highway

  • Quick connectivity to Chhatrapati Shivaji Maharaj International Airport

  • East–west linkages via the Santacruz–Chembur Link Road

The project's central location between key residential, commercial, and retail hubs—including the Bandra-Kurla Complex (BKC) —drives strong end-user and rental demand, making it a high-potential residential corridor with sustained capital appreciation.

Strategic Entry into Redevelopment Segment

This project represents Arvind SmartSpaces' entry into the society redevelopment segment in Mumbai. Redevelopment is a critical growth driver in Mumbai's real estate market due to limited land availability, and the company's entry into this space reflects its confidence in the segment's potential.

Priyansh Kapoor, Managing Director and CEO of Arvind SmartSpaces, commented on the significance of the project.

"This project addition is an important milestone in our Mumbai portfolio journey. MMR is a strategically important market for us, and redevelopment offers a compelling opportunity. The signing highlights our brand strength, as society redevelopment space necessitates credibility. We are very excited to partner with the society members to deliver a landmark project," Kapoor said.

Expanding MMR Presence

The Santacruz project is the company's second project in the Mumbai Metropolitan Region. In January 2025, Arvind SmartSpaces had announced its foray into the MMR by entering into a joint development agreement to build a 92-acre township with an estimated revenue potential of ₹1,500 crore.

That project, located near Khopoli (approximately a two-hour drive from Mumbai), was signed under a joint development model with Sach Developers with a 70.5 per cent revenue share, enabling low capital intensity and higher returns. The township is expected to include a golf course and a large clubhouse.

Strong Business Development Pipeline

With the addition of this Santacruz redevelopment project, Arvind SmartSpaces' cumulative new business development topline potential for the year now stands at ₹3,140 crore.

Significance for Mumbai's Redevelopment Sector

Mumbai's redevelopment market has seen increasing activity as developers look to unlock value in land-constrained urban areas. Key factors driving this trend include:

  • Limited availability of vacant land in prime Mumbai locations

  • Ageing housing stock requiring redevelopment

  • Strong demand for quality housing in established neighbourhoods

  • Government policies supporting urban renewal

For Arvind SmartSpaces, the Santacruz project represents an opportunity to establish credibility in the redevelopment space while delivering a landmark project in one of Mumbai's most desirable micro-markets.

Outlook

With its entry into Mumbai's redevelopment segment, Arvind SmartSpaces has added a new dimension to its growth strategy. The company now has a diversified presence in the MMR, including both a large-scale township project near Khopoli and a high-value redevelopment project in prime Santacruz.

The Santacruz project's strategic location, strong connectivity, and established demand profile position it well for success. As the company partners with society members to execute the redevelopment, the project is expected to set new benchmarks for quality living in one of Mumbai's most sought-after residential corridors.