Arkade Developers to Invest Rs 700 Crore in Mumbai Projects

Mumbai, Feb 12 (PTI) City-based builder Arkade Developers will be investing around Rs 700 crore in three projects in the megapolis that are expected to be completed over the next three to four years.

Last week, the company received the regulatory nod to launch a Rs 430 crore initial share sale and part of the proceeds will be used for the investment.

"We have earmarked Rs 698 crore for three new projects in the city -- Arkade Nest in Mulund (West), Deep Shikhar C Unit in Goregaon (East) and Prachi in Vile Parle (East).

"Phase 1 of Arkade Nest is a luxury project and is already on. Going forward, our focus is on blended model of greenfield and redevelopment. The Goregaon and Malad projects are redevelopment units," Amit Jain, Chairman and Managing Director of Arkade, told PTI on Monday.

Currently, the company has five ongoing projects.

Arkade Nest is a Rs 427 crore-project while Prachi and C Unit projects will be worth Rs 178 crore and Rs 94 crore, respectively, totalling the overall investment at Rs 698 crore, Jain said.

The company's operations are concentrated on premium aspirational lifestyle residential premises in Mumbai.

As of July 2023, they had developed 1.80 million square feet of residential property, including through partnerships.

Between 2017 and 2023, it launched 1,040 residential units and sold 792 residential units in the the Mumbai Metropolitan Region (MMR), Maharashtra.

Since 2003 and up to March 2023, it has completed nine redevelopment projects in the western areas of Mumbai and one project in south central Mumbai with a combined constructed area of 6.48 lakh sqft.