+
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.

Next Story
Infrastructure Urban

Naidu Seeks Rs 563 Crore For AP Sports Infrastructure

Andhra Pradesh Chief Minister N Chandrababu Naidu has sought Rs 563 crore from the Centre to boost sports infrastructure in the state, including Rs 538 crore for stadium development and Rs 25 crore to host the Khelo India Martial Arts Games 2025. Naidu made the request during a meeting with Union Youth Services and Sports Minister Mansukh Mandaviya in New Delhi on Wednesday.The CM urged early completion of Khelo India infrastructure projects in Tirupati, Rajahmundry, Kakinada, and Narasaraopeta, and called for an international-standard badminton training centre and a national aquatic sports hu..

Next Story
Infrastructure Transport

Tough Bidding Norms Slow NHAI Road Project Awards

Stringent bidding rules imposed by the Ministry of Road Transport & Highways (MoRTH) have led to a slowdown in project awards by the National Highways Authority of India (NHAI), despite a robust Rs 3.5 trillion pipeline. According to an HDFC Securities report, the shift to more cautious developer models now favours firms with strong balance sheets, as tighter qualification norms limit aggressive bidders.The revised norms mandate additional performance security, targeting the exclusion of players that previously submitted low bids—often 25 to 40 per cent below NHAI cost estimates—raisin..

Next Story
Infrastructure Transport

Mumbai Gets Coastal Nod for Next Promenade Phase

As Mumbai prepares to open two major sections of its expansive seafront promenade this week, the city’s civic authority has secured a key coastal clearance to advance further construction. The Maharashtra Coastal Zone Management Authority (MCZMA) has approved the commencement of work on the segment between Haji Ali and Baroda Palace, with tendering expected soon after project cost assessments.The promenade, stretching 7.5 km in length and 20 metres wide, is being designed as a flagship open space for walkers, joggers, and cyclists. Two critical stretches—2.75 km from Tata Garden to Haji Al..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?