FCC

Arkade Group buys 1030 million plot from Bajaj group firm in Mumbai

2023-02-10

For slightly more than 1,030 million, the city-based builder Arkade Group, which focuses on rehabilitation, purchased a land from Hercules Hoists, a subsidiary of the Bajaj Group. On the 8,300 square metre land in Mulund (West), a suburb in eastern Mumbai, Arkade will construct a residential complex with the potential to grow to 0.5 million square feet and include 2 and 3 BHKs. According to Amit Jain, managing director of the family-owned Arkade firm, the project has a top-line potential of $600 million.

He stated that this acquisition is in addition to the 2 million square feet of ongoing construction that is taking place throughout the city's western suburbs.

In the second and third quarters of 2023, the corporation will also begin work on two further projects, with a total top-line of $8 billion. Both initiatives, an open plot development in Mulund and a society redevelopment in Vile Parle East, are anticipated to be finished by December 2026.

The 1986 establishment of the Mumbai-based real estate company, which specialises in open space redevelopment projects, saw the beginning of projects from Virar to Carmichael Road.

The company, which is debt-free and aiming for a $6 billion IPO in 2024, has so far created projects totalling 4 million square feet, with another 2 million square feet still under construction. Greenfield projects make up 3.6 million square feet of them, while redevelopment projects make up the remaining space.