Arkade Group plans Rs 4.7 bn investment in Mulund, Mumbai

The housing project at Mulund in Mumbai will be developed by realty firm Arkade Group, which has announced an investment of Rs 4.7 billion. The project, named 'Arkade Nest,' spans across 2 acres and comprises 350 flats. According to a statement by Arkade, the estimated total investment in this project is Rs 4.7 billion, with Rs 1.15 billion already expended. The firm, based in Mumbai, revealed that it plans to raise approximately Rs 6 billion through an initial public offering (IPO) by issuing new shares. Arkade Group was established in 1986. In the first quarter of this fiscal year, the group achieved total sales bookings of Rs 1.5 billion. Also read: Q2 2023 sees NCR’s unsold housing stock drop 21%Magenta Mobility unveils PLENT