Arkade Group, Mumbai-based residential realty company, announced the acquisition of six projects totaling 11,50,000 square feet of construction area and has already invested for Rs 215 crore. Comprising three plots on outright basis and three redevelopment projects, located across the western suburbs of Mumbai, these projects, shall generate topline of approximately Rs. 1,250 crore and RERA carpet area of 4,25,000 sq. ft. available for sale, it said in a press statement.
Amit Jain, Chairman and Managing Director, ARKADE, a second generation entrepreneur said, "Mumbai continues to be the most valuable realty market, which going forward, is set to offer a vast redevelopment opportunity. The recent acquisition is in line with this strategy."
The outright purchase transactions are already executed for a plot of 1.5 acre at Goregaon and half acre from an MNC at Marol Andheri. All the upcoming project locations are in locality of Western suburbs micro markets. Furthermore, one plot outright and one redevelopment project are at advance stage which shall see further investment of Rs 120 crore for acquisition with potential construction area of 7,30,000 square feet and topline of 800 crores and RERA carpet area available for sale is 3,30,000 square feet, it said in a press release.
