Arkade Developers acquires three acre land in Mumbai from Copper Rollers for Rs 103.88 crore, ET RealEstate
NEW DELHI: Arkade Developers (Arkade) has completed the acquisition of approximately three acre industrial plot in Bhandup West, Mumbai from Copper Rollers.
The composite deal value amounts to Rs. 103.88 crore which includes transaction value of Rs. 98 crore plus stamp duty of Rs. 5.88 crore.
Apart from this land acquisition, the company has received letter of intent from four societies for redevelopment projects, and has been confirmed as a preferred developer in one project in Mumbai Metropolitan Region.
Currently, it is developing five ongoing projects with developable area of approximately 1.8 million sq ft with four of the projects expected to be completed by December 31, 2025 and the remaining one project expected to be completed by June 30, 2027.
The company is also planning to launch two upcoming projects in Vile Parle East and Malad West with developable area of 0.4 million sq ft.
The company had filled a draft red herring prospectus (DRHP) with SEBI earlier this month with intention to raise up to Rs. 430 crore from an initial public offering of its equity shares.
