Arkade Developers buys 4-acre Plot for Rs. 165 Crore in Mumbai

Arkade Developers has acquired a four-acre land parcel, spanning approximately 16,200 sq meters, in Goregaon West, Mumbai.

The land was purchased from Aspen Properties and its joint venture partner, Kamanwala Housing Construction, for Rs. 165 crore. The company also paid Rs. 9.9 crore in stamp duty for the acquisition. Currently, the land is leased to Filmistan. 

The upcoming project on this site will feature a saleable area of over five lakh sq ft, with an estimated revenue potential of Rs. 2,000 crore.

Amit Jain, Chairman and Managing Director of Arkade Developers, described the plot as one of the last pristine land parcels in western Mumbai, offering a unique opportunity for a landmark development. 

So far in FY25, the company has received four occupation certificates (OCs) and is in the process of handing over possession of 500 flats. To further strengthen its presence in Western Mumbai, Arkade Developers has taken on three new redevelopment projects in Andheri East, Malad West, and Borivali West. Collectively, these projects span approximately five acres and will provide 5.85 lakh sq ft of saleable carpet area, with an expected revenue of Rs. 2,150 crore. 

In Andheri East, near the Western Express Highway, the project will offer 1.29 lakh sq ft, generating an estimated Rs. 527 crore. In Malad West, a 2.12 lakh sq ft project is expected to bring Rs. 750 crore in revenue. Meanwhile, the Borivali West development, covering 2.44 lakh sq ft, is projected to yield Rs. 865 crore, Jain revealed during an earnings call.