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Arkade Group, a Mumbai-based redevelopment builder, has purchased a plot from Bajaj group company Hercules Hoists for more than Rs 103 crore.
The company will construct a residential project on 8300 square metre plot in Mulund’s eastern suburbs, with the potential to develop 0.5 million square feet of 2 and 3-BHK apartments.
According to Amit Jain, Managing Director of the family-run Arkade group, the project has a top-line potential of Rs 600 crore.
He said that this purchase is in addition to the 2 million square feet of ongoing development in the city’s western suburbs.
Arkade Group has Rs 2,000-crore top-line projects across the city’s five ongoing projects: Arkade Crown in Borivali West, Arkade Serene in Malad West, Arkade Aspire in Goregaon East, Arkade Prime in Marol Andheri, and Arkade Aura in Santacruz West.
These are scheduled to be finished by December 2025. In addition, the company will launch two other projects in the second and third quarters of 2023, with a combined top-line of Rs 800 crore.
These projects, which include a society redevelopment in Vile Parle East and an open plot development in Mulund, are expected to be finished by December 2026.
The Mumbai-based real estate firm was founded in 1986 and specialised in open space redevelopment projects ranging from Virar to Carmichael Road.
So far, the company, which is debt-free and planning a Rs 600-crore IPO in 2024, has developed projects totaling 4 million square feet, with another 2 million square feet under construction. Greenfield projects account for 3.6 million square feet, while redevelopment projects account for the remainder.