Arihant Superstructures Ltd adds new Plotted Development project in Navi Mumbai spread across 118 Acres

Arihant Superstructures Ltd (ASL), one of the Largest Real Estate Developers in MMR Region has announced the signing of a new Low-rise township project spread across 118 acres at Chowk, Off Old Mumbai-Pune Highway near Panvel, Navi Mumbai. It falls under the Navi Mumbai Airport region of "Mumbai 3.0" and is a 25-minute drive from the upcoming Navi Mumbai International Airport & MTHL Sea Link which connects to South Mumbai.

The project is being acquired partly on outright basis and partly in a Joint-Venture transaction. The total development potential is estimated at 2 million sq. ft.

The subject property is located at less than 500 meters from the Chowk Railway Station which forms to be an integral part of the developing Panvel- Karjat Railway Corridor.

Navi Mumbai-MMR is one of the fastest growing Real Estate markets in India with multi-fold growth in infrastructure projects such as MTHL, Navi Mumbai International Airport, SEZs, Industrial Parks, Corporate Parks which are expected to add 1 million jobs, leading to growing requirement for residential units.

Commenting on this development, Mr. Ashok Chhajer, CMD, Arihant Superstructures Ltd said: "Our diversification into horizontal developments over the last 1 year is going to increase our offering base across MMR. With key infrastructure projects like MTHL nearing completion, the City of Navi Mumbai is poised for exponential growth. With this acquisition the company will enhance its portfolio into Horizontal Developments which is the new trend in Residential format. With this our total land bank set to cross 335+ acres and our estimate projects surrounding the Navi Mumbai International Airport & MTHL would total to a gross development potential of 12 million sq. ft. The due-diligence is underway for the new acquisition and we expect to complete the transaction within 6 months."

Shares of Arihant Superstructures Limited was last trading in BSE at Rs. 307.50 as compared to the previous close of Rs. 273.65. The total number of shares traded during the day was 37736 in over 2263 trades.

The stock hit an intraday high of Rs. 323.00 and intraday low of 268.10. The net turnover during the day was Rs. 11545620.00.

Source : Equity Bulls

Keywords

ArihantSuperstructures INE643K01018 NewProject PlottedDevelopmentProject NaviMumbai 118Acres Panvel