Arvind SmartSpaces Ltd is preparing to roll out ₹9,500 crore worth of yet-to-be-launched projects across Gujarat, Maharashtra and Karnataka over the next 4-5 years, with a significant portion expected to hit the market in the next 18 months, even as the broader residential cycle shows signs of stabilising.
Detailing the upcoming inventory, the company stated that Gujarat with ₹5,077 crore worth of yet to be launched projects occupy the biggest pie, followed by Karnataka and Maharashtra where ₹2,899 crore and ₹1,520 crore worth of projects are planned respectively. “Most of these projects are work in progress. Some of these are very large projects and so there is a possibility that some of the phases of these projects will come in 1-1.5 years. But largely, when you look at that kind of inventory, we are looking to monetise most of the assets over the next 4-5 years — from the launch, selling and construction perspective. From an inventory point of view, this is quite Ahmedabad-heavy. But over 18 months, we expect most of this inventory to start coming into the market,” Priyansh Kapoor, Managing Director and Chief Executive Officer, told investors on Wednesday.
Launch targets miss
Despite the strong pipeline visibility, the company has fallen short of its launch guidance for the current financial year, largely due to slower-than-anticipated approvals and phased project rollouts. “We were aiming for ₹2,500 crore worth of launches for the year and we have done only ₹500 crore. We should have done at least ₹2,000 crore of inventory in the last quarter. In Bengaluru, out of the two projects that we were thinking we will get in the current year, we will probably get one of those. That is why our current estimate is less on the approval front. Second, we had also mentioned that the industrial project will come in parts and Vadodara we are doing in phases,” Kapoor said, adding that the company intends to launch ₹1,500 crore worth of projects in the ongoing fourth quarter of FY26.
Kapoor indicated that the residential market has entered a phase of stabilisation after the strong momentum seen in the previous financial year. According to him, the sharp, euphoric growth witnessed earlier is no longer visible, with the sector appearing to have settled into a more measured phase within the broader four- to five-year cycle. He noted that while sales volumes may remain largely flat, realisations continue to inch up, leading to value growth even in a tempered demand environment. The company’s focus segments, he said, are performing well, and management does not see any immediate cause for concern given the portfolio mix and product positioning.
He added that regulatory changes in Karnataka have contributed to slower approvals. “Approvals in Bengaluru are slower than expected and I think there were some changes in the Bengaluru’s regulatory environment and process are getting streamlined from a longer term basis with multiple municipal corporations and authorities getting created,” Kapoor added.
New Launches in Q4
In the March quarter, Arvind Smartspaces is looking to step up activity with ₹1,500 crore worth of launches. This includes the first phase of its Vadodara project — entailing around ₹400 crore of inventory as part of a larger ₹700 crore development — as well as the phase-1 launch of its industrial project in Ahmedabad, where approvals are expected shortly. The industrial development has a total project cost of about ₹1,500 crore, with the initial phase pegged at roughly ₹600-650 crore of inventory.
The company is also working on securing approvals for at least one of the two planned Bengaluru projects during the quarter. Management indicated that some of the larger developments will be introduced in phases, aligning launches with regulatory clearances and market conditions.
Published on February 12, 2026