NEW DELHI: Mumbai-based residential realty company Arkade Group has announced that it has entered into an agreement with Hercules Hoists Ltd, for an outright purchase of Mulund land parcel of approximately 8,327 square meters [2.05 crore], situated at 110, Minerva Industrial Estate, Mulund West, Mumbai, 400080 for a lumpsum amount of Rs 90 crore.
Arkade Group has already done a part payment of 10 percent of the total amount to Hercules Hoists Ltd in this regard.
With this acquisition, the Arkade Group will be able to strengthen its presence in Mumbai’s eastern suburbs. It had recently completed its major landmark project Arkade Earth in Kanjurmarg.
Amit Jain, Chairman and Managing Director, Arkade said, “Mumbai continues to be the most sought after and valued realty market. Our deep expertise, speed and quality of execution have created a credible brand value. We at Arkade have set a robust foundation to capitalise on the upcoming opportunities. The recent acquisition is in line with this strategy.”
Recently, the Arkade Group had announced the acquisition of six projects totaling 11,50,000 square feet of construction area and has already invested Rs. 215 crore for this purpose. These project comprises three plots bought on outright basis and three redevelopment projects that are located across the western suburbs of Mumbai. These projects are expected to generate around Rs 1,250 crore of sales revenues and RERA carpet area of 4,25,000 sq. ft. will be available for sale.