Arkade Developers Targets Rs 1,700 Cr from MMR Redevelopment

New Delhi, Feb 12 (PTI) Realty firm Arkade Developers is targeting about Rs 1,700 crore revenue from a redevelopment project in Mumbai Metropolitan Region (MMR).

In a regulatory filing on Wednesday, the company informed that it has acquired a 6.5-acre land parcel for the cluster redevelopment of Anand Nagar Society in Dahisar East.

"The redevelopment project, which spans a plot area of 26,286 square meters, is projected to generate a gross development value (GDV) of Rs 1,700 crore approximately," it added.

The project will offer a total saleable area of 6,76,000 square feet of residential and commercial spaces.

In January, Arkade Developers also acquired a 4-acre land parcel in Goregaon West. The parcel is currently leased to Filmistan Pvt Ltd and has a projected revenue of Rs 2,000 crore.

The company has so far completed 31 projects comprising more than 55 lakh square feet of area. It is currently developing over 20 lakh square feet of area.