Arkade Group acquires 2.05 acre plot from Hercules Hoists in MumbaiArkade Group acquires 2.05 acre plot from Hercules Hoists in Mumbai

04 Feb 2022 CW Team

According to the sources, Arkade Group acquired around 2.05 acres of the land parcel from Hercules Hoists for Rs 90 crore in Mumbai’s Mulund.

The company has already paid 10% of the acquisition amount to Hercules Hoists. With this acquisition, the company focuses on strengthening its presence in Mumbai’s eastern suburbs.

The company also announced the acquisition of six projects, having 11,50,000 sq ft of the construction area and has invested Rs 215 crore for the same.

These six projects include three plots bought based on an outright, while three redevelopment projects are located across the western suburbs of Mumbai. Moreover, these projects might generate around Rs 1,250 crore of sales revenues.

Arkade has created more than 25 projects across Mumbai, accounting for four million square feet and catering to more than 4000 families.The firm has recently completed and handed over its prestigious project Arkade Earth at Kanjurmarg. Arkade is a zero-debt firm and is setting up its plans to raise funds to fuel its future growth. The firm strives for a leadership position in the redevelopment segment in Mumbai real estate sector.

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Also read: NHSRCL acquires 33% land in Maharashtra for bullet train project

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