Arkade Group Acquires Plot in Mulund West, Mumbai, From Hercules Hoists, a Bajaj Group Firm For INR 90 Cr

Arkade Group - Hercules Hoists, Mulund west, Mumbai

Arkade Group, a real estate company based in Mumbai, recently announced that it has entered into an agreement with Hercules Hoists Ltd for the outright purchase of a Mulund land parcel measuring approximately 8,327 square metres and located at 110, Minerva Industrial Estate, Mulund West, Mumbai, 400080 for INR 90 crore.

In this respect, Arkade Group has paid Hercules Hoists Ltd ten percent of the entire cost. This purchase will allow the Arkade Group to enhance its position in the eastern suburbs of Mumbai.

Arkade plans to construct a residential project with the capacity to produce 500,000 square feet of 2 and 3 BHKs On the 8,300-square-metre property situated in the eastern neighbourhood of Mulund West.

According to Amit Jain, managing director of the family-run Arkade firm, the project has a revenue potential of INR 600 crore.

This purchase is in addition to the existing development of 2 million square feet in Mumbai western suburbs, he added.

According to Mr. Jain, Arkade's five active projects in the city have a combined revenue of  INR 2,000 crore: Arkade Crown in Borivali West, Arkade Serene in Malad West, Arkade Aspire in Goregaon East, Arkade Prime in Marol Andheri East, and Arkade Aura in Santacruz West. The planned completion date is December 2025.

Arkade has recently delivered its biggest landmark project in Kanjurmarg called Arkade Earth.

Additionally, the business will launch two additional projects in the second and third quarters of 2023 with a total revenue of Rs 800 crore. The completion of both projects, a society redevelopment in Vile Parle East and an open plot development in Mulund, is anticipated by December 2026.

The 1986-founded Mumbai-based real estate company specialises on open space redevelopment projects and has completed work from Virar to Carmichael Road.

The real estate development company Arkade Group, which is debt-free and considering a INR 600-crore IPO in 2024, has constructed projects totaling 4 million square feet, with an additional 2 million square feet under construction.

There are 3,6 million square feet of greenfield projects and the remainder is redevelopment.

About Arkade Group

As one of Mumbai's most esteemed real estate developers, Arkade Group has been associated with Trust, Quality, Assurance, Ethics, Transparency, and Affordability. Every single home or commercial property wearing the Arkade logo is a model of the finest quality and continually exceeds client expectations.