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

In a regulatory filing, the company stated that it has entered into a memorandum of understanding (MoU) to acquire 100 per cent shareholding in Woollen and Textile Industries Ltd, which owns the Bhandup (West) land parcel.

“The proposed acquisition includes a land parcel measuring 14,363.60 square metres located in Bhandup (West), Mumbai. The total consideration for the deal is Rs 1.48 billion,” the filing read.

With a track record of completing 31 projects totalling 5 million square feet, Arkade is currently developing an additional 2 million square feet of real estate. The acquisition strengthens the company’s footprint in one of India’s most competitive urban property markets.

Arkade Developers is regarded as one of the prominent real estate players in India, with a growing portfolio of residential and commercial developments across key urban centres.