Nila Spaces gains as arm awards construction contract to Riveria Infrastructures
Nila Spaces surged 8.39% to Rs 11.89 after its wholly owned subsidiary, Nila Urban Living, awarded a Rs 129.25 crore construction contract to Riveria Infrastructures for a premium residential project at GIFT City.
The project is located on a prime plot, for which development rights were secured last year through a record-breaking bid of Rs 6,557 per square foot in the Special Economic Zone (SEZ). This marks it as the most expensive land parcel in Gujarat in absolute terms. The construction is scheduled to be completed within 27 months from the commencement date.
Deep Vadodarla, CEO of NILA Spaces, stated, This project is a powerful expression of what we call Power Livingwhere every element is designed to help residents live with intention, vitality, and balance. With this new development at GIFT City, we're not just building homeswe're crafting a lifestyle that redefines what it means to thrive in a modern city. We're excited to work with Riveria Infrastructure to bring this vision to life and set a new benchmark for residential development in India's first smart city."
Nila Spaces currently holds a market capitalization of Rs 468.33 crore on the BSE.
Nila Spaces is committed to sustainability, community engagement, and holistic well-being, positioning itself as a socially responsible brand in Indias evolving real estate ecosystem. Its focus on wellness-oriented environments and integration of smart city features underlines its approach to modern urban living in Gujarat and beyond.
The company's consolidated net profit surged 116.5% to Rs 4.72 crore on a 23.1% rise in revenue from operations to Rs 39.76 crore in Q4 FY25 over Q4 FY24.
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