Arkade Developers, one of Mumbai’s premier real estate developers, has announced the acquisition of a prime 4-acre land parcel in Goregaon West for a total consideration of ₹165 crore. The site, acquired from Aspen Properties Pvt. Ltd. and their joint venture partners, Kamanwala Housing Construction Limited, carries a rich cinematic heritage and is the location of a historic film studio.
Key Details of the Acquisition
- Land Size: 4 acres (approximately 16,200 square meters).
- Consideration: ₹165 crore, along with a stamp duty payment of ₹9.9 crore.
- Projected Revenue: Estimated at ₹2,000 crore from the development of a luxury residential project.
- Development Scope: A modern luxury residential project with a saleable area exceeding 5 lakh square feet.
The site holds sentimental value for Mumbai, known for its ties to the city’s cinematic history. Arkade Developers plans to transform the plot into a landmark residential project while honoring its heritage.
Commenting on the acquisition, Amit Jain, Chairman and Managing Director of Arkade Developers, said, “This land parcel holds a special place in the hearts of Mumbaikars, evoking memories of a bygone era. It presents a unique opportunity to craft a landmark development that reflects the aspirations of modern urban living while paying homage to the city’s rich heritage.”
Located in the sought-after western suburbs, the property benefits from excellent connectivity to major business hubs, educational institutions, and social infrastructure, making it an attractive proposition for homebuyers and investors alike.
Arkade Developers has demonstrated significant progress this fiscal year, achieving:
- Completion and receipt of Occupation Certificates (OCs) for four premium projects: Arkade Crown, Arkade Aspire, Arkade Prime, and Arkade Aura.
- Handover of over 500 possessions ahead of the RERA schedule.
