ARKADE Group acquires Mulund land plot from Hercules Hoist for Rs 90 crore. Arkade is a residential Realty company.

By Varun Singh

ARKADE Group, a Mumbai-based residential Realty company, has apparently entered into an agreement with Hercules Hoists Ltd, for an outright purchase of Mulund land parcel of approximately 8,327 square meters [2.05 Acre], situated at 110, Minerva Industrial Estate, Mulund West, for a lumpsum amount of Rs 90 crore.

ARKADE Group has already done a part payment of 10 per cent 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.

Regarding the development, Amit Jain, Chairman & 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.”

According to the disclosure made by Hercules Hoist to BSE, the Company has on February 2, 2022 agreed, subject to fulfilment of certain conditions precedent by the parties, for sale and transfer of its Mulund land approximately 8327 square meters [2.05 Acre], together with the structures standing thereon, situated at 110, Minerva Industrial Estate, Mulund West for a lumpsum consideration of Rs 90 Crore. The Company has received a part payment of 10% of the aforesaid total consideration thereon from the proposed assignee in this regard.”

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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. 1250 crore of sales revenues and RERA carpet area of 4,25,000 sq. ft. will be available for sale.

ARKADE has developed more than 25 projects across Mumbai, accounting for four million square feet and catering to 4000+ families. The Company has recently concluded and handed over its prestigious project ARKADE Earth at Kanjurmarg. ARKADE is a zero-debt company and is firming up its plans to raise funds to fuel its future growth. The company aims for leadership position in the redevelopment segment in Mumbai real estate.

Also Read: Oberoi buys Bhandup Land for ₹115 Crore

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