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Wednesday, July 24, 2024

Arkade Developers Ltd. Acquires 3 Acre Land Parcel at Bhandup West from Copper Rollers Pvt. Ltd. for Composite Value of Rs. 103.88 Crores

Arkade Developers Ltd. (formerly known as Arkade Developers Pvt. Ltd.) (Arkade) has completed the acquisition of approx. 3 Acre industrial plot in Eastern suburb of Bhandup West from M/s Copper Rollers Pvt. Ltd.

Arkade Developers buys Three-acre industrial land in Bhandup for Rs. 104 crore

We have perused the document pertaining to registration of conveyance deed done at Vikhroli on 26th September 2023. The composite deal value amounts to Rs. 103.88 which includes Transaction Value of Rs. 98 Crore plus Stamp duty of Rs. 5.88 Crore. The document “Conveyance deed” indicates that the possession is duly handed over to Arkade and entire consideration has been received by the seller/s.

Arkade had acquired land parcel in Mulund west in the month of February this year. Apart from this land acquisition, Arkade has received letter of intent from 4 societies for redevelopment projects, and has been confirmed as a preferred developer in 1 project in Mumbai Metropolitan Region.

Currently, Arkade is developing 5 ongoing projects with developable area of approx. 1.8 million square feet with 4 of the projects expected to be completed by December 31, 2025 (per RERA filings) and the remaining 1 project expected to be completed by June 30, 2027 (per RERA filings). Arkade is also planning to launch 2 upcoming projects in Vile Parle East and Malad West with developable area of 0.4 million square feet.

Mr. Amit Jain CMD, Arkade, while confirming the same said that, “We are looking forward to launch exclusive mixed-use project offering 2 & 3 BHKs in eastern region of MMR. This acquisition is in line with our strategy of acquiring projects in Eastern region of MMR.”

Notably, Arkade has filled a Draft Red Herring Prospectus with SEBI earlier this month with intention to raise up to Rs. 430 Crore from an initial public offering of its equity shares.

Arkade Developers Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The DRHP is available on the website of SEBI at www.sebi.gov.in as well as on the website of the Book Running Lead Manager, Unistone Capital Private Limited at www.unistonecapital.com and the websites of the stock exchange(s) at www.nseindia.com and www.bseindia.com, respectively. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see ‘Risk Factors’ of the RHP, when available. Potential investors should not rely on the DRHP for any investment decision.

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