Real estate player Arvind SmartSpaces Ltd. on Monday said that it has sold out the entire launched inventory of the second phase of its residential project, Arvind Greatlands at Devanahalli, in Bengaluru comprising 150 units within just 7 hours of launch.

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In the second phase, the company sold more than 150 units valued at over Rs 100 crore, it said in a filing to the stock exchanges.

The first phase of the project, with a saleable area of 0.5 million square feet, aggregating to a booking value of over Rs 200 crore was sold out in 10 hours on November 26, 2022.

The first phase is under HDFC Platform and the second phase and all future phases are fully owned by Arvind SmartSpaces.

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Arvind Greatlands customers will also get a membership of Monogram Resort in Devenahalli, which offers several amenities such as a gymnasium, rooftop infinity pool, indoor games room, table tennis, jogging track, badminton court, spa, library, restaurant, executive business centre, multimedia theatre, discotheque, and yoga pavilion.

Arvind SmartSpaces entered the Bengaluru market in 2013 and has so far added 10 projects across the region.

In the quarter ending December 31, 2022, the leading real estate developer reported a 28 percent decline in its consolidated net profit to Rs 4.24 crore. However, the company’s sales bookings jumped by 58 percent to Rs 250 crore against the year-ago period. Arvind SmartSpaces is looking to achieve bookings worth Rs 750-800 crore in the current financial year.

Shares of Arvind Smartspaces are trading 1.8 percent lower at Rs 246.60.

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(Edited by : Rukmani Krishna)