Arkade Developers Ltd. Acquires 3 Acre Land Parcel at Bhandup West from Copper Rollers Pvt. Ltd. for composite value of Rs. 103.88 Crores.

Mumbai, September  29, 2023:  Arkade Developers Ltd. (formerly known as Arkade Developers Pvt. Ltd.) (Arkade) has completed the acquisition of approx. 3 Acre industrial plot in Eastern suburb of Bhandup West from M/s Copper Rollers Pvt. Ltd.

 We have perused the document pertaining to registration of conveyance deed done at Vikhroli on 26th September 2023. The composite deal value amounts to Rs. 103.88 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/s.

Arkade had acquired land parcel in Mulund west in the month of February this year. Apart from this land acquisition, Arkade has received letter of intent from 4 societies for redevelopment projects, and has been confirmed as a preferred developer in 1 project in Mumbai Metropolitan Region.

Currently, Arkade is developing 5 ongoing projects with developable area of approx. 1.8 million square feet with 4 of the projects expected to be completed by December 31, 2025 (per RERA filings) and the remaining 1 project expected to be completed by June 30, 2027 (per RERA filings). Arkade is also planning to launch 2 upcoming projects in Vile Parle East and Malad West with developable area of 0.4 million square feet.

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

Notably, Arkade has filled 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.

 Corporate Comm India (CCI Newswire)