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Arkade Developers has acquired a 3-acre industrial plot in Bhandup, an eastern suburb of Mumbai, for around Rs 104 crore.
The plot, bought from a company called Copper Rollers, will be used to develop a mixed-use project, including 2 and 3BHK residences.
Arkade has filed a draft offer document with SEBI to raise Rs 430 crore in an initial public offering. “This acquisition is in line with our strategy to acquire projects in the eastern region of MMR,” said Amit Jain, CMD, Arkade.
In February, Arkade acquired a land parcel in Mulund West. It has received letters of intent from four societies for redevelopment projects, and has been confirmed a preferred developer in one project in MMR.
The company is currently developing five projects with a developable area of 1.8 million square feet, with four of the projects expected to be completed by December 31, 2025, and one project expected to be completed by June 30, 2027. Arkade is also planning to launch two upcoming projects in Vile Parle East and Malad West, with a developable area of 400,000 square feet.
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