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Arihant Superstructures Limited (ASL) has unveiled plans for a sprawling Low-rise township project spanning 118 acres near Panvel, Navi Mumbai. The development, strategically located at Chowk, Off Old Mumbai-Pune Highway, involves a combination of outright acquisition and Joint-Venture transactions, with a substantial estimated development potential of 2 million sq. ft. Situated within 500 meters of the Chowk Railway Station, integral to the evolving Panvel-Karjat Railway Corridor, the project is strategically positioned. The due diligence process for the new acquisition is underway, with a targeted completion of the transaction within the next six months.
This venture further strengthens the company's land bank, which stands to exceed 335 acres. ASL anticipates a gross development potential of 12 million sq. ft from its future projects. This aligns with the rising developments anticipating the Navi Mumbai International Airport and the Mumbai Trans Harbour Link (MTHL).
ASL reported a noteworthy 17.68% growth in revenue from operations. The financials for FY23 reveal an increase from Rs. 330.94 crores to Rs. 389.44 crores. It earned a profit of Rs. 31.37 Crores, which, although lower than Rs. 41.22 Crores in FY22, is a huge positive.
Arihant Superstructures Limited has established itself as one of the prominent Real Estate Developers in the Mumbai Metropolitan Region and Rajasthan, contributing significantly to the evolving landscape of these regions. The company's core engagement covers the entire real estate development lifecycle, ranging from identification and acquisition to the execution of projects.
This ambitious low-rise township project near Panvel underlines the company's commitment to strategic expansion, strengthening its foothold in high-potential real estate markets. The anticipated completion of the acquisition within six months reflects the company's agility and determination to capitalize on growth opportunities. As the Mumbai Metropolitan Region and Navi Mumbai continue to witness rapid development, Arihant Superstructures Limited's projects contribute to the dynamic and evolving real estate landscape of these regions.
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