Mumbai-based Arkade Developers acquired a three-acre land parcel in the Bhandup area of Mumbai from Copper Rollers Pvt Ltd for a composite value of just under Rs 104 crore, the company said in a statement.
It is an industrial plot in the eastern suburb of Mumbai and the company executed the document pertaining to the registration of the conveyance deed of the land on September 26, a release issued by the company said.
The composite value of Rs 103.88 includes a transaction value of Rs 98 crore plus a stamp duty of Rs 5.88 crore. The “conveyance deed” document indicates that the possession is duly handed over to Arkade and the entire consideration has been received by the sellers, said the company.
Currently, the company is developing five ongoing projects with a collective developable area of approximately 1.8 million square feet. Arkade also plans to launch two upcoming projects in the Vile Parle and Malad localities of Mumbai with a developable area of 0.4 million square feet in total.
“We are looking forward to launching an exclusive mixed-use project offering 2BHKs and 3 BHKs in the eastern region of MMR (Mumbai Metropolitan Region). This acquisition is in line with our strategy of acquiring projects in the eastern region of MMR," said Amit Jain, Chairman and Managing Director, Arkade Developers.
Also read: Arkade Developers files draft papers for Rs 430-crore IPO
Apart from this, Arkade acquired a land parcel in the Mulund West area of Mumbai in February 2023. It has also received letters of intent from four societies for redevelopment projects and has been confirmed as a preferred developer in one project in MMR, according to a company statement.
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