BSafal Signs a 90 Crore Deal with Textile Giant Arvind Limited
Textile giant Arvind Limited has just signed a deal to transfer around 33000 sq. yard of land to the real estate developer Bsafal for around Rs. 90 Crores. This deal is going to fire up the real estate market of Ahmadabad. The real estate group is planning to introduce a commercial landmark which was once related to Rohit Mills acquired by Arvind Ltd. In the year 1996 and retitled it as Ashoka Cotsyn. In the year 2010, Bsafal and Arvind have conjointly developed about 1 million sq. ft. of residential area out of 1/3rd of space of 99000 sq. yard. About a few months later, Bsafal owned another part of 33000 sq. yard of land in the same campus for around Rs. 40 crores from Arvind Limited for developing commercial and residential projects.
Chief Financial Officer, Arvind Ltd, Jayesh Shah added that they had decided for joint venture earlier with B Safal. Due to increased price of land, they chose to sell off the last part of 33000 sq. yards of land. Arvind Ltd is dedicated to monetize around 600 acres of land across Ahmadabad. On the real estate business, they have several aggressive plans for that. Along with releasing their land bank, they are also looking for the opportunities in Vadodara and Surat. Once again, the deal rose up the real estate market of Ahmadabad where commercial and residential spaces are always demanded.
Khokra has always been appealing with affordable property prices and it is located near Maninagar. According to BSafal Group promoter, Rajesh Brahmbhatt, the business park will also arrive within next two years on the land which has just been acquired. They are planning to deliver a cutting-edge copy of the most popular textile hub of the city – New Cloth Market. BSafal Group is engaged in developing affordable real estate project with this agreement in Khokra region. The Gujarat Government redevelopment and rehabilitation has been implementing the slum redevelopment project in association with BSafal Group. This project will provide around 850 residents to the slum residents. 50% of the residential space will be developed for the slum rehabilitations by the developer itself.