NEW DELHI: Arkade Developers has acquired approximately 16,200 sq meters (four acre) land parcel situated in Goregaon West, Mumbai from Aspen Properties and their joint venture partners, Kamanwala Housing Construction, for a total consideration of Rs 165 crore.
The company paid the stamp duty of Rs 9.9 crore for the acquisition. The land parcel is currently leased to Filmistan.
The project will have an approximate saleable area exceeding five lakh sq ft, contributing an estimated revenue of Rs 2,000 crore.
Amit Jain, chairman and managing director of the company said, “Amongst the last few remaining pristine plots in western Mumbai, it presents a unique opportunity to craft a landmark development.”
During the current FY25 till date, the company has received four OCs and is in the process of handing over 500 flats’ possessions.
To strengthen its presence in Western Mumbai, the company has added three redevelopment projects in Andheri East, Malad West and Borivali West. Cumulatively, they span an area of approx five acres and offer 5.85 lakh sq ft of saleable carpet area. Together, these projects are expected to generate a turnover of Rs 2,150 crore.
“In Andheri East, near the Western Express highway, our project will deliver 1.29 lakh sq ft with a turnover of estimated Rs 527 crore. In Malad West, we are coming up with 2.12 lakh sq ft, expected to achieve a revenue of Rs 750 crore. And our project in Borivali West has a potential of 2.44 lakh sq ft with an expected revenue of Rs 865 crore,” said Jain in the earnings’ call.
For the nine months’ ended December 31, 2024, we achieved sales booking of 179,000 sq ft of area, which amounts to Rs 556 crore, which is up by 24% on a year-on-year basis. The collections grew at 16% to Rs. 478 crore. During this quarter we achieved sales booking of 74,000 sq ft of area, which amounts to Rs 220 crore, which is up by 93% on a year-on-year basis. The collections for Q3 FY25 stood at Rs 178 crore, said Samshet Shetye, CFO of the company in the earnings’ call.
