This acquisition by Arkade Developers marks a significant expansion in Mumbai’s western suburbs, particularly in Goregaon West. The acquisition of this four-acre land parcel for Rs. 165 crore, with a stamp duty of Rs. 9.9 crore, sets the stage for a major residential or mixed-use development. Given its prime location and the previous lease to Filmistan, this project has the potential to become a landmark development, as highlighted by Amit Jain, the company's chairman and managing director.
With an estimated saleable area exceeding five lakh sq ft and a projected revenue of Rs. 2,000 crore, this venture reinforces Arkade Developers' commitment to strengthening its presence in Western Mumbai. Additionally, the company’s ongoing redevelopment projects in Andheri East, Malad West, and Borivali West further expand its footprint, covering approximately five acres and generating a cumulative turnover of Rs. 2,150 crore.
These strategic acquisitions align with the company's robust sales performance. In the nine months ending December 31, 2024, Arkade Developers recorded sales bookings of 179,000 sq ft, amounting to Rs. 556 crore, reflecting a 24% year-on-year growth. The Q3 FY25 figures were particularly impressive, with a 93% year-on-year increase in sales bookings, totaling Rs. 220 crore. Collections stood at Rs. 478 crore for the nine-month period and Rs. 178 crore for Q3 FY25.
With the delivery of 500 flats and four Occupation Certificates (OCs) secured in the current financial year, Arkade Developers is positioning itself as a key player in Mumbai's real estate sector. The upcoming Goregaon West project, alongside its redevelopment initiatives, underlines the company's strategic vision and potential for sustained growth in Mumbai’s competitive property market.