ARKADE Group Invests 215 Cr. in Mumbai Real Estate
ARKADE Group, a fast-growing Mumbai-based residential Realty company, announced the acquisition of Six projects totalling 11,50,000/- Square feet of Construction area and has already invested for Rs. 215 crore. Comprising three plots on outright basis and three redevelopment projects, located across the western suburbs of Mumbai, these projects, shall generate top line of Approx. Rs. 1250 crore and RERA Carpet area of 4,25,000 sq. ft. available for sale The acquisition comes when the city's real estate market is staging a recovery. Commenting on the development, Amit Jain, Chairman & Managing Director, ARKADE, a second generation entrepreneur said, Having a 25 Years presence in the Mumbai realty sector, we have seen multiple cycles of weakened demand followed by robust recovery and eventual rerating. Mumbai continues to be the most valuable realty market, which going forward, is set to offer a vast redevelopment opportunity, having built deep expertise and a credible brand through speed and quality of execution, we at ARKADE have set a robust foundation to capitalize on the unfolding opportunity. The recent acquisition is in line with this strategy. The outright Purchase transactions are already executed for a Plot of 1.5 acre at Goregaon and Half Acre from an MNC at Marol Andheri. All the upcoming Project Locations are in elite locality of Western suburbs micro Markets. Furthermore one plot outright and one Redevelopment project are at advance stage which shall see further investment of Rs. 120 Crore for acquisition with potential Construction area of 7,30,000/- Square feet and topline of 800 Crores and RERA Carpet area available for sale is 3,30,000/- Square feet. ARKADE has developed more than 25 projects across Mumbai, accounting for four million square feet and catering to 4000+ families. Presently, The Company has recently concluded and handed over its prestigious project ARKADE Earth at Kanjurmarg. The company is at zero debt level and is firming up its plans to raise funds to fuel its future growth. The company seeks to build a leadership position for the redevelopment segment in Mumbai real estate going forward.
Tags : News/Views redevelopment ARKADE Group