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In a significant development in the real estate sector, Arkade Developers, a prominent player in the industry, has successfully concluded the acquisition of an industrial plot spanning approximately three acres in Bhandup West, Mumbai. The deal involved the purchase of this prime property from Copper Rollers, a noteworthy transaction in the region. The total value of this composite deal stands at a substantial Rs. 103.88 crore. This figure encompasses the transaction value of Rs. 98 crore, along with a stamp duty amounting to Rs. 5.88 crore.
In addition to this land acquisition milestone, Arkade Developers has also achieved notable progress in other areas of its business. The company has received a letter of intent from four societies for forthcoming redevelopment projects. Furthermore, Arkade Developers has been officially designated as the preferred developer for one project within the Mumbai Metropolitan Region.
Presently, the company is actively engaged in the development of five ongoing projects, collectively covering an expansive area of approximately 1.8 million square feet. Four of these projects are projected to reach completion by December 31, 2025, with the remaining one slated for finalization by June 30, 2027.
Arkade Developers has further announced plans to launch two upcoming projects in Vile Parle East and Malad West, encompassing a total developable area of 0.4 million square feet. These ventures are expected to contribute significantly to the company's expanding real estate portfolio.
It is worth noting that Arkade Developers has recently submitted a draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI). This submission, made earlier this month, signifies the company's intention to raise up to Rs. 430 crore through an initial public offering (IPO) of its equity shares. This move reflects the company's strategic efforts to further its growth and expand its presence in the real estate market.
With these recent developments and future plans, Arkade Developers continues to make waves in the real estate sector, solidifying its position as a key player in Mumbai's dynamic property market.
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