Arkade Developers advanced 2.73% to Rs 143.05 after the company announced that it has registered development agreement for a project in Malad West, Mumbai, with a gross development value (GDV) of approximately Rs 740 crore.
According to the exchange filing, the company has secured the redevelopment rights for Nutan Ayojan, a co-operative housing society in Malad West, Mumbai, marking a significant step in its strategic expansion across Mumbai's prime micro-markets. The project, covering 6,858.90 square meters, is expected to generate a GDV of around Rs 740 crore.The development will feature luxury residences, including 2 and 3 BHK apartments, with a total saleable RERA carpet area of approximately 233,000 square feet. The project is designed to meet the growing demand for premium living spaces in Mumbais Western Suburbs.
The proposed structure will consist of two basements, four podium parking levels, an eco-deck, and 32 residential floors, offering a high-quality living experience with modern amenities. Once completed, the project will provide 408 homes, with approximately 215 units available for sale, further expanding the companys residential and commercial footprint.
Amit Jain, Chairman and Managing Director, Arkade Developers, said, This project is designed to offer residents innovative homes and a modern lifestyle while preserving the familiarity of their trusted surroundings. Aligned with our broader vision, we aim to capitalize 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.
Arkade Developers is a real estate development company concentrating on the development of premium aspirational lifestyle residential premises in Mumbai, Maharashtra, Indias commercial capital. The company is engaged in the development of new projects (development / construction of residential premises on land acquired by the company) and redevelopment of existing premises.
The companys consolidated net profit rose 2.5% to Rs 50.08 crore in Q3 F25 as against Rs 48.88 crore in Q3 FY24. However, revenue from operations fell 6.1% YoY to Rs 224.62 crore in the quarter ended 31 December 2024.
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