Arkade Developers, a Mumbai-based real estate firm, has successfully acquired a three-acre land parcel in Bhandup, Mumbai, from Copper Rollers Pvt Ltd for a total consideration of just under Rs 104 crore. The property, an industrial plot located in the eastern suburb of Mumbai, was secured through the registration of a conveyance deed on September 26.
The composite value of this transaction amounts to Rs 103.88 crore, comprising a transaction value of Rs 98 crore and a stamp duty of Rs 5.88 crore. The issuance of the “conveyance deed” confirms that Arkade Developers has received possession of the property, and the entire payment has been made to the sellers.
Presently, Arkade Developers is actively engaged in the development of five ongoing projects, encompassing a combined developable area of approximately 1.8 million square feet.
Additionally, the company has plans to launch two forthcoming projects in the Vile Parle and Malad neighborhoods of Mumbai, boasting a total developable area of 0.4 million square feet.
“We are looking forward to launching an exclusive mixed-use project offering 2BHKs and 3 BHKs in the eastern region of MMR (Mumbai Metropolitan Region). This acquisition is in line with our strategy of acquiring projects in the eastern region of MMR,” said Amit Jain, Chairman and Managing Director, Arkade Developers.
