Ahmedabad-based Arvind SmartSpaces has expanded its presence in the Mumbai real estate market, by announcing two redevelopment projects in Santacruz and Goregaon over the past two weeks, with a combined estimated potential exceeding ₹2,700 crore.
On April 7, the company signed a redevelopment agreement for a residential high-rise project in Goregaon (West), Mumbai. The project has an estimated top-line potential of ₹2,400 crore and a total saleable carpet area of 0.67 million sq ft. It is being developed in partnership with Sigma Oxford Realtors.
On March 27, the company signed its first society redevelopment project in Santacruz, Mumbai, with an estimated revenue potential of ₹300 crore and a saleable carpet area of approximately 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 said in a statement on March 27.
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The company has announced three projects in the Mumbai Metropolitan Region (MMR) until now. In January 2025, the company to build a 92-acre township with an estimated revenue potential of ₹1500 crore.
The company had partnered with Sach Developers to build the township and plans to develop a villa project on the parcel near Khopoli, a two-hour drive from Mumbai. The project is signed under a joint development model (70.5 per cent revenue share), enabling low capital intensity and higher returns. The project will likely include a golf course and a large clubhouse.
“We are beginning the new financial year on a strong footing, as we add our largest project to date in the portfolio. Our approach in MMR has been calibrated, focusing on asset-light structures, partnering with the right stakeholders, and entering micro-markets where demand visibility and execution feasibility are high,” said Priyansh Kapoor, Managing Director and CEO, Arvind SmartSpaces.
“High-rise developments are an important part of our portfolio expansion strategy, and with this being our second vertical project in Mumbai, we are steadily building capabilities and presence in this segment,” Kapoor said.
Redevelopment race in the Mumbai real estate market
Over the last three years, , Hyderabad, Chennai and Delhi-NCR, including DLF’s high-profile entry. Several players from these markets, along with Pune-based developers, have either launched projects this year or are scouting for opportunities in 2026.
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Bengaluru-based Prestige Group and Puravankara has also expanded in the Mumbai Metropolitan Region (MMR). Puravankara acquired an old building redevelopment project in South Mumbai, while Prestige Estates announced a project in Mira Road. Additionally, Prestige Estates launched new phases for its Mulund project and introduced a new luxury residential project in Central Mumbai.