Arkade Group buys Rs 103-crore plot from Bajaj group firm in Mumbai

MUMBAI: City-based redevelopment focused builder Arkade Group has acquired a plot
from Bajaj group company Hercules Hoists for a little over Rs 103 crore. Arkade will build a
residential project on the 8,300-square metre plot located in the eastern suburb of Mulund
(West) which has the potential to develop 0.5 million square feet area comprising 2 and 3 BHKs.
The project has a top-line potential of Rs 600 crore, said Amit Jain, managing director of the
family-run Arkade group.
This acquisition is in addition to the 2 million square feet of ongoing development across the
western suburbs of the city, he said.
“We have a Rs 2,000-crore top-line across the five ongoing projects in the city –Arkade Crown
at Borivali West, Arkade Serene in Malad West, Arkade Aspire in Goregaon East, Arkade Prime
in Marol Andheri and Arkade Aura at Santacruz West. These are expected to be completed by
December 2025,” Jain told PTI.
The company will also launch two other projects in the second and third quarter of 2023, for
which the combined top-line is Rs 800 crore. These projects — a society redevelopment in Vile
Parle East and an open plot development at Mulund — are likely to be completed by December
2026.
The Mumbai-focused realty firm was established in 1986 and specialises in open space
redevelopment projects, and has undertaken projects from Virar to Carmichael Road.
So far, the company, which is debt free and is looking at a Rs 600-crore IPO in 2024, has
developed projects spanning 4 million square feet with 2 million square feet development in
progress. Of them, 3.6 million square feet are greenfield projects and the rest are
redevelopment projects.