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Arkade Acquires Three Acre Land Parcel At Bhandup West At Rs 104 Cr

We have perused the document pertaining to registration of conveyance deed done at Vikhroli on 26 September 2023

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Arkade Developers has completed the acquisition of approx three acre industrial plot in eastern suburb of Bhandup West from Copper Rollers.

We have perused the document pertaining to registration of conveyance deed done at Vikhroli on 26 September 2023. The composite deal value amounts to Rs 103.88 crore which includes Transaction Value of Rs 98 crore plus Stamp duty of Rs 5.88 crore. The document “Conveyance deed “indicates that the possession is duly handed over to Arkade and entire consideration has been received by the seller.

Arkade had acquired a land parcel in Mulund west in the month of February this year. Apart from this land acquisition, Arkade has received letters of intent from four societies for redevelopment projects and has been confirmed as a preferred developer in one project in Mumbai Metropolitan Region.

Currently, Arkade is developing five ongoing projects with a developable area of approx 1.8 million square feet with four of the projects expected to be completed by 31 December 2025 (per RERA filings) and the remaining one project expected to be completed by 30 June 2027 (per RERA filings). Arkade is also planning to launch two upcoming projects in Vile Parle East and Malad West with a developable area of 0.4 million square feet.

Amit Jain, CMD of Arkade, while confirming the same said, “We are looking forward to launching an exclusive mixed use project offering 2 & 3 BHKs in the eastern region of MMR. This acquisition is in line with our strategy of acquiring projects in the Eastern region of MMR.”

Notably, Arkade has filed a Draft Red Herring Prospectus with Sebi earlier this month with intention to raise up to Rs 430 crore from an initial public offering of its equity shares.

Arkade Developers is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi).

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Arkade Developers