Arkade Developers Buys Land in Mumbai for Luxury Housing Project

New Delhi, Jan 28 (PTI) Realty firm Arkade Developers has bought 4-acre land at Goregaon West in Mumbai for Rs 165 crore to develop a Rs 2,000 crore luxury housing project.

The land is currently leased to Filmistan Pvt Ltd.

In a regulatory filing on Tuesday, the company said it has "completed the acquisition of a prime land parcel located in Goregaon West in the western suburbs of Mumbai from Aspen Properties Pvt Ltd and their joint venture partners, Kamanwala Housing Construction Ltd, for a total consideration of Rs 165 crore".

The project will foresee a modern luxury development with an approximate saleable area exceeding 5 lakh square feet, contributing an estimated revenue of Rs 2,000 crore, it added.

"The acquired property, currently the site of a historic studio, carries a legacy of cinematic significance. With a sprawling plot area of approximately 16,200 square metres (4 acres), this acquisition is poised to unlock significant value in one of Mumbai's most sought-after locations," Arkade Developers said.

Amit Jain, Chairman and Managing Director of Arkade Developers, said this land parcel holds a special place in the hearts of Mumbaikars, evoking memories of a bygone era.

"Amongst the last few remaining pristine plots in western Mumbai, it presents a unique opportunity to craft a landmark development. This project embodies our commitment to delivering exceptional living experiences that harmonise with the aspirations of modern urbanites while paying homage to the rich heritage of our city," he said.

Jain said the site's strategic location, coupled with its connectivity to key business hubs, educational institutions, and social infrastructure, makes it a highly attractive investment.

The company has so far completed 31 projects covering 55 lakh square feet of area. More than 20 lakh square feet area is under development.