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Arkade Developers has acquired a four-acre land parcel in Goregaon West, Mumbai, from Aspen Properties and their joint venture partners, Kamanwala Housing Construction, for a total consideration of INR 165 crore. The company has paid INR 9.9 crore in stamp duty for the acquisition. The land is currently leased to Filmistan and is expected to yield over five lakh sq ft of saleable area, generating an estimated revenue of INR 2,000 crore. Additionally, the company has expanded its presence in Western Mumbai with three redevelopment projects in Andheri East, Malad West, and Borivali West, collectively spanning approximately five acres and anticipated to generate INR 2,150 crore in turnover. Arkade Developers also reported a 24% increase in sales bookings and a 16% growth in collections over the past nine months.
Arkade Developers has successfully acquired a land parcel measuring approximately 16,200 sq meters (four acres) in Goregaon West, Mumbai. The acquisition, finalised with Aspen Properties and their joint venture partners, Kamanwala Housing Construction, was completed for a total consideration of INR 165 crore. The company has also paid INR 9.9 crore in stamp duty for the transaction. At present, the land parcel is leased to Filmistan. Advertisement
The upcoming project on this site is set to offer a saleable area exceeding five lakh sq ft, with an estimated revenue potential of INR 2,000 crore. Amit Jain, chairman and managing director of Arkade Developers, expressed that the plot is one of the last remaining pristine parcels in western Mumbai, providing an exceptional opportunity to develop a landmark project.
In the ongoing financial year FY25, the company has obtained four occupation certificates (OCs) and is in the process of handing over possession of 500 flats. To further strengthen its presence in Western Mumbai, Arkade Developers has undertaken three redevelopment projects in Andheri East, Malad West, and Borivali West. These projects cumulatively cover an approximate area of five acres, offering a total saleable carpet area of 5.85 lakh sq ft. They are projected to generate a combined turnover of INR 2,150 crore.
The Andheri East project, located near the Western Express Highway, is expected to deliver 1.29 lakh sq ft of saleable area, with an estimated turnover of INR 527 crore. The Malad West project will feature 2.12 lakh sq ft, potentially generating INR 750 crore in revenue. Meanwhile, the Borivali West project is expected to yield 2.44 lakh sq ft with a projected revenue of INR 865 crore.
During the nine months leading up to the end of December 2024, the company recorded sales bookings of 179,000 sq ft, amounting to INR 556 crore, marking a 24% increase year-on-year. Collections during this period rose by 16% to INR 478 crore. In the third quarter of FY25 alone, sales bookings reached 74,000 sq ft, totalling INR 220 crore, reflecting a 93% year-on-year increase. The collections for this quarter stood at INR 178 crore, as stated by the company's CFO, Samshet Shetye, during the earnings call.
The strong sales and collection figures indicate robust market demand and the company's ability to capitalise on premium locations. With continued expansion and promising financial performance, Arkade Developers is well-positioned for sustainable growth in the Mumbai real estate market.
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