Arkade Group buys 1030 million plot from Bajaj group firm in Mumbai
Real Estate

Arkade Group buys 1030 million plot from Bajaj group firm in Mumbai

For slightly more than 1,030 million, the city-based builder Arkade Group, which focuses on rehabilitation, purchased a land from Hercules Hoists, a subsidiary of the Bajaj Group. On the 8,300 square metre land in Mulund (West), a suburb in eastern Mumbai, Arkade will construct a residential complex with the potential to grow to 0.5 million square feet and include 2 and 3 BHKs. According to Amit Jain, managing director of the family-owned Arkade firm, the project has a top-line potential of $600 million.

He stated that this acquisition is in addition to the 2 million square feet of ongoing construction that is taking place throughout the city's western suburbs.

In the second and third quarters of 2023, the corporation will also begin work on two further projects, with a total top-line of $8 billion. Both initiatives, an open plot development in Mulund and a society redevelopment in Vile Parle East, are anticipated to be finished by December 2026.

The 1986 establishment of the Mumbai-based real estate company, which specialises in open space redevelopment projects, saw the beginning of projects from Virar to Carmichael Road.

The company, which is debt-free and aiming for a $6 billion IPO in 2024, has so far created projects totalling 4 million square feet, with another 2 million square feet still under construction. Greenfield projects make up 3.6 million square feet of them, while redevelopment projects make up the remaining space.

For slightly more than 1,030 million, the city-based builder Arkade Group, which focuses on rehabilitation, purchased a land from Hercules Hoists, a subsidiary of the Bajaj Group. On the 8,300 square metre land in Mulund (West), a suburb in eastern Mumbai, Arkade will construct a residential complex with the potential to grow to 0.5 million square feet and include 2 and 3 BHKs. According to Amit Jain, managing director of the family-owned Arkade firm, the project has a top-line potential of $600 million. He stated that this acquisition is in addition to the 2 million square feet of ongoing construction that is taking place throughout the city's western suburbs. In the second and third quarters of 2023, the corporation will also begin work on two further projects, with a total top-line of $8 billion. Both initiatives, an open plot development in Mulund and a society redevelopment in Vile Parle East, are anticipated to be finished by December 2026. The 1986 establishment of the Mumbai-based real estate company, which specialises in open space redevelopment projects, saw the beginning of projects from Virar to Carmichael Road. The company, which is debt-free and aiming for a $6 billion IPO in 2024, has so far created projects totalling 4 million square feet, with another 2 million square feet still under construction. Greenfield projects make up 3.6 million square feet of them, while redevelopment projects make up the remaining space.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code