Arkade Developers has acquired a four-acre land parcel in Goregaon West, Mumbai, for ₹165 crore. The land, currently leased to Filmistan Pvt Ltd, was purchased from Aspen Properties Pvt Ltd and Kamanwala Housing Construction Ltd. The company has paid a stamp duty of ₹9.9 crore for the transaction.
Arkade Developers plans to develop a luxury residential project on this land, with a saleable area exceeding 5 lakh sq ft. The estimated revenue from this project is expected to be around ₹2,000 crore. The company stated that the site, previously home to a historic studio, has a plot area of approximately 16,200 square metres.
In addition to this acquisition, Arkade Developers has taken up three redevelopment projects in Mumbai’s western suburbs including Andheri East, Malad West, and Borivali West. Together, these projects span around five acres with a total saleable carpet area of 5.85 lakh sq ft, expected to generate ₹2,150 crore in revenue.
Arkade Developers reported sales bookings of 1.79 lakh sq ft in the first nine months of FY25, amounting to ₹556 crore, a 24% increase year-on-year. In Q3 FY25, the company booked 74,000 sq ft, generating ₹220 crore, which is 93% higher year-on-year. Collections for Q3 stood at ₹178 crore, while total collections for the nine-month period reached ₹478 crore, showing a 16% growth.
As of January 29, 1:12 PM, Arkade Developers Ltd is trading at ₹151.92, up ₹6.00 (4.11%) today, but has declined 8.40% over the past six months and 11.54% in the last month.
Arkade Developers has completed 31 projects covering 55 lakh sq ft so far, with 20 lakh sq ft under development. The company has also obtained four occupation certificates (OCs) in FY25 and is in the process of handing over 500 flats.
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Published on: Jan 29, 2025, 2:29 PM IST
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