Arkade Developers shares gain 4% as promoter acquires 0.1 mn shares

Arkade Developers shares advanced 4.4 per cent on BSE, logging an intraday high at Rs 158.55 per share. The buying at the counter came after the company's promoter and director Amit Mangilal Jain acquired 1,00,000 equity shares which constituted 0.05 per cent of total paid up capital through an open market transaction.

 

Around 12:29 PM, Arkade Developers share price was up 2.17 per cent at Rs 155.15 per share on BSE. In comparison, the BSE Sensex was down 0.18 per cent at 73,981.15. The market capitalisation of the company stood at Rs 2,880.57 crore. The 52-week high of the stock was at Rs 190 per share and the 52-week low was at Rs 128.3 per share. 

 

As per BSE shareholding pattern, Amit Mangilal Jain held a 66.33 per cent stake of the company in the quarter ended on December 31, 2024.  

 

Recently, the company secured redevelopment rights for a co-operative housing society in Mumbai and it is expecting Rs 740 crore revenue from this upcoming residential project.

 

In a regulatory filing, the company informed that it has "secured the redevelopment rights for Nutan Ayojan, a co-operative housing society in Malad West, marking another milestone in its strategic expansion across Mumbai's prime micro-markets." The project, spanning 6,858.90 square metres, is expected to generate a Gross Development Value (GDV) of about Rs 740 crore.

 

The total saleable RERA carpet area is 2.33 lakh square feet. Upon completion, the project will offer 408 homes, out of which about 215 units will be available for sale, further expanding its residential and commercial footprint.

 

Amit Jain, Chairman and Managing Director of Arkade Developers, said, "Aligned with our broader vision, we aim to capitalise on high-growth micro-markets through redevelopment, strategic asset acquisitions, and unlocking our land bank's value. By expanding our launch pipeline, we are set to accelerate our growth strategy."  ALSO READ: Hinduja Group stocks tumble today as downgrades hit IndusInd Bank

 

The company has completed 31 projects so far covering 55 lakh sq ft area. More than 20 lakh square feet is under development.

 

Arkade Developers is a real estate developer known for developing residential properties. Arkade Developers constructs quality homes and has become one of Mumbai's most esteemed real estate firms.