September 28, 2023: Real estate firm Arkade Developers has acquired a 3-acre industrial plot in Bhandup West, Mumbai, from Copper Rollers. Arkade developers purchased the land for Rs 98 crore and paid a stamp duty of Rs 5.88 crore, totalling to Rs 103.88 crore. The registration of the conveyance deed was done at Vikhroli on September 26, 2023.
In February 2023, Arkade had also acquired a land parcel in Mumbai’s Mulund West. In addition to this land acquisition, the developer has already received letters of intent from four societies for redevelopment projects. At present, Arkade is working on five ongoing projects with a development potential of 1.8 million square foot (msf). Four of these projects are expected to be completed by December 31, 2025, while the remaining one is expected to be completed by June 30, 2027. Furthermore, Arkade is planning to launch two new projects in Vile Parle East and Malad West with a development potential of 0.4 msf.
Amit Jain, CMD, Arkade, said, “We are looking forward to launching an exclusive mixed-use project offering 2 and 3 BHKs in the eastern region of Mumbai Metropolitan Region (MMR). This acquisition is in line with our strategy of acquiring projects in the Eastern region of MMR.”
Notably, Arkade has filed a Draft Red Herring Prospectus with Securities and Exchange Board of India (Sebi) earlier in September 2023 with an intention to raise up to Rs 430 crore from an initial public offering (IPO) of its equity shares.
See also: What is IPO?