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Arkade Developers, a Mumbai-based real-estate developer, launched seven projects in various parts of Mumbai suburbs, including six redevelopment projects and one outrightly acquired land parcel. These projects are estimated to generate a total topline of Rs 2200 crore. Furthermore, it plans to invest close to Rs 500 crore to kick off these projects. Arkade was founded by Mangilal Jain, a first-generation entrepreneur, in 1986 and is now managed by Amit Jain.
The company achieved a sales turnover of Rs 273.75 crore for the January-March 2023 (Q4FY23) quarter following a good response to its new project launches. The stamp-duty is already paid on these flat sales and are definitive in nature. The sales from Arkade Aspire at Goregaon-East stood at 128.50 crore, Rs 31.25 crore from Arkade Crown in Borivali (East), Rs 67.35 crore at Arkade Prime in Marol, Andheri (East), Rs 14.75 crore at Arkade Serene in Malad (West), 26.15 crore at Arkade Aura in Santacruz (West) and Rs 5.75 crore at Arkade Darshan. Notably, Arkade Serene in Malad (West) and Arkade Darshan in Vile Parle (East) have received occupancy certificate in the last quarter and are sold out and possession is handed over to client.
Elaborating company's plan Amit Jain, Chairman and Managing Director said, “One of Arkade's key strengths is our debt-free status. This is a significant advantage as it provides us with greater financial flexibility and allows us to pursue growth opportunities without being burdened by debt repayments. We have completed more than 25 projects and delivered all projects with full occupation certificates. Moreover, we have also been appointed as developers by six societies for redevelopment in the western suburbs in Mumbai, and the discussion is on for signing a definitive MOU for the purchase of land of around 12,000 square meters at Bhandup.
Adds Amit Jain, “Our current ongoing projects are at Santacruz West, Andheri (East), Goregaon (East), and Borivali (West) have the potential to generate a topline of Rs 1250 crore. These projects have a construction area potential of 1.20 million. Recently, we have completed two projects for which the occupation certificates are received, which are located at Vile Parle - East and Malad - West. Furthermore, we are set to launch our new acquisition project in Mulund, having the potential topline of Rs 600 crore in this next quarter. In terms of numbers, we have already delivered close to 4.2 million sq. ft to more than 4,250 plus families.”
