Arkade Developers plans to invest approximately INR 570 crore in a new project called Arkade Rare in Bhandup, Mumbai. This follows their acquisition of three acres of land for INR 103 crore in September 2023. The development will consist of seven towers, each 21 stories high, offering 432 residential units in 2BHK and 3BHK configurations, along with 43 commercial units. Amit Jain, chairman of Arkade Developers, emphasized the company's commitment to quality housing in the area, which is gaining popularity among homebuyers seeking better living conditions. The total construction area will be around 725,000 square feet, with an estimated sales value of INR 760 crore, catering to the rising demand for housing in Mumbai's suburbs.
Arkade Developers has announced plans to invest roughly INR 570 crore in a new real estate project located in Bhandup, Mumbai. This initiative follows the company's recent acquisition of three acres of land for INR 103 crore in September 2023. The project, named Arkade Rare, aims to meet the growing demand for residential and commercial spaces in one of Mumbai's emerging suburbs.
Arkade Rare will comprise seven towers, each standing at 21 stories tall. The development will offer 432 residential units, featuring a combination of 2BHK and 3BHK apartments to cater to various family sizes and budgets. Additionally, the project will include 43 commercial units designed to support a vibrant community, enhancing the area's economic opportunities. Amit Jain, the chairman and managing director of Arkade Developers, shared insights into the company's strategic growth plans. "Our investment in Bhandup reflects our commitment to developing quality housing in the eastern suburbs of Mumbai. This area is gaining popularity among homebuyers who seek an upgraded lifestyle and better living conditions," he stated.
The total construction area for Arkade Rare will be approximately 725,000 square feet, developed in a single phase. The estimated sales value for the project is projected to be around INR 760 crore, indicating a significant investment in housing at a time when demand in Mumbai remains high. Bhandup is emerging as a preferred choice for homebuyers due to its strategic location and connectivity. The area boasts good transportation links, including access to the Eastern Express Highway and close proximity to suburban rail networks. This makes it an attractive option for professionals commuting to various business hubs across Mumbai.
In addition to connectivity, Bhandup has seen an uptick in amenities, including schools, hospitals, and shopping centers. This growth in infrastructure is another reason people are choosing to move to this suburb. As more residents settle in Bhandup, the demand for modern housing options continues to grow, making developments like Arkade Rare timely and valuable. The announcement of Arkade Rare also highlights a broader trend in Mumbai's real estate market. Several developers are recognizing the potential in suburbs that offer family-friendly environments and economic growth prospects. With an increasing number of companies and IT parks emerging in these areas, housing demand is expected to rise.
The push for affordable housing is also a significant factor in this trend. Government initiatives aimed at promoting real estate development and simplifying regulations are encouraging builders to invest in suburban locations. This is crucial for addressing the housing shortfall in Mumbai, where prices in central locations have surged beyond reach for many.
As Arkade Developers moves forward with its Bhandup project, it is not only contributing to the local economy but also playing a role in shaping the future of Mumbai's real estate landscape. With its focus on quality construction and a commitment to enhancing the lifestyle of its residents, Arkade Rare is set to become a noteworthy addition to Mumbai's ever-evolving urban fabric. Homebuyers looking for modern living with convenient access to the city may find this project meets their needs perfectly. As the demand for such developments continues to grow, Arkade's investment signifies a positive step for the real estate sector in Mumbai.
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