Mumbai, January 28, 2025 – Arkade Developers Limited (NSE: ARKADE, BSE: 544261) has announced the acquisition of a 4-acre prime land parcel in Goregaon West, Mumbai, for ₹165 crore, with plans to develop a luxury residential project valued at ₹2,000 crore.
Key Highlights of the Acquisition
- Total Land Area: 16,200 sq. meters (4 acres).
- Seller: Aspen Properties Pvt Ltd and Kamanwala Housing Construction Ltd.
- Transaction Value: ₹165 crore, with a ₹9.9 crore stamp duty paid.
- Development Plan: Premium luxury residential project with a 5 lakh sq. ft. saleable area.
- Current Land Use: Previously leased to Filmistan Pvt Ltd., a historic cinema studio.
Strategic Importance of the Project
- Prime Location:
- Situated in Mumbai’s western suburbs, a sought-after residential and commercial hub.
- Excellent connectivity to business districts, educational institutions, and key infrastructure.
- Luxury Market Expansion:
- Strengthens Arkade Developers’ premium real estate portfolio.
- Leverages Mumbai’s rising demand for luxury homes.
Management Commentary
Amit Jain, Chairman & Managing Director, Arkade Developers, stated:"This land parcel holds a deep legacy in Mumbai’s cinematic history, and we are honored to transform it into a landmark luxury residential project. This development reflects our commitment to creating vibrant, high-quality living spaces while respecting the rich heritage of the city."
Recent Milestones & Business Growth
- Four Residential Projects Completed Ahead of RERA Schedule:
- Arkade Crown, Arkade Aspire, Arkade Prime, and Arkade Aura.
- 500+ Home Possessions Delivered in FY24.
- 38+ Years of Experience, 31 Completed Projects, and 5.5 Million Sq. Ft. Developed.
