Real estate firm Arkade Developers Ltd announced on Wednesday that it has acquired a 14,364-square-metre land parcel in the Mumbai Metropolitan Region (MMR) for a total consideration of Rs 1.48 billion.

In a regulatory filing, the company stated it had entered into a Memorandum of Understanding (MoU) to acquire 100 per cent shareholding in Woollen and Textile Industries Ltd, through which the land transaction will be executed.

The plot is located in Bhandup (West), a well-connected residential and commercial area within Mumbai. The total land area covered under the proposed acquisition is 14,363.60 square metres.

Mumbai-based Arkade Developers has already completed 31 projects, delivering approximately 5 million square feet of constructed space. The company is currently working on an additional 2 million square feet under development.