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Arkade Developers Ltd., formerly known as Arkade Developers Pvt. Ltd., has expanded its real estate portfolio with the acquisition of approximately 3 acres of industrial land in the eastern suburb of Bhandup West, Mumbai. This strategic move bolsters Arkade's presence in the Mumbai Metropolitan Region (MMR) and aligns with the company's growth strategy.
The acquisition, finalized through a conveyance deed registered in Vikhroli on September 26, 2023, represents a composite deal value of Rs. 103.88 crores. This figure comprises the transaction value of Rs. 98 crores and a stamp duty of Rs. 5.88 crores. Crucially, the deed confirms the successful handover of possession to Arkade, with the seller having received the entire consideration.
This acquisition comes on the heels of Arkade's earlier land purchase in Mulund West in February of the same year, showcasing the company's commitment to expanding its footprint in key areas of Mumbai.
Furthermore, Arkade has received a letter of intent from four housing societies for redevelopment projects, underlining its reputation as a trusted developer in the region. Additionally, the company has been chosen as the preferred developer for a significant project within the Mumbai Metropolitan Region, further solidifying its position in the market.
As of now, Arkade is actively involved in the development of five ongoing projects, boasting a total developable area of approximately 1.8 million square feet. According to RERA filings, four of these projects are slated for completion by December 31, 2025, while the remaining one is expected to be finalized by June 30, 2027. These projects span various segments of the real estate market, including residential and commercial developments.
Looking ahead, Arkade is gearing up for an ambitious expansion with plans to launch two upcoming projects. These projects, located in Vile Parle East and Malad West, are expected to have a combined developable area of 0.4 million square feet, contributing significantly to Arkade's growth trajectory in the real estate sector.
Arkade's forward-looking approach extends beyond its project acquisitions and developments. The company recently filed a Draft Red Herring Prospectus with SEBI (Securities and Exchange Board of India), signaling its intention to raise capital through an initial public offering (IPO) of its equity shares. This move reflects Arkade's commitment to securing the necessary resources for future growth and expansion.
Arkade Developers Ltd. continues to strengthen its position in the Mumbai Metropolitan Region's real estate market through strategic land acquisitions and ongoing project developments. With plans for new projects and an upcoming IPO, Arkade is poised for significant growth and expansion in the real estate sector.
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