The Arkade Group, a Mumbai-based real estate company specializing in rehabilitation and open space redevelopment projects, has made a land purchase from Hercules Hoists, a subsidiary of the Bajaj Group. The 8,300 sq m plot located in Mulund (West), a suburb of Eastern Mumbai, was acquired for slightly over INR 1,030 million. The company plans to construct a residential complex with the potential to reach 5,00,000 sq ft, featuring 2 and 3 BHK units.
In addition to the ongoing construction of 2 million sq ft in the western suburbs of the city, the company will commence work on two further projects in the 2nd and 3rd quarters of 2023. These projects, an open plot development in Mulund and a society redevelopment in Vile Parle East, are expected to be completed by December 2026.
Established in 1986, the debt-free company has completed projects totalling 4 million sq ft, with another 2 million sq ft currently under construction. Of these, 3.6 million sq ft are greenfield projects, while the remaining space is comprised of redevelopment projects. The firm has set its sights on a $6 billion IPO in 2024.
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