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Arkade Developers shares rise 3% on ₹2,000 crore Thane project foray
Shares of Arkade Developers rose nearly 3 per cent on Monday after it entered the Thane market with a 6.28-acre project with an estimated gross development value (GDV) of ₹2,000 crore.
The real estate firm, Arkade Developer's stock rose as much as 2.9 per cent during the day to ₹196.7 per share. The stock trimmed gains to trade 1.5 per cent higher at ₹194.8 apiece, compared to a 0.02 per cent advance in Nifty 50 as of 9:55 AM.
Shares of the company snapped a two-day fall on Monday and have risen over 27 per cent from its lows of ₹151.9, which it hit in May. The stock has risen 11.5 per cent this year, compared to a 4.8 per cent advance in the benchmark Nifty 50. Arkade Developers has a total market capitalisation of ₹3,592.59 crore, according to BSE data. Track LIVE Stock Market Updates Here
Arkade Developers bags ₹172.48 crore worth land parcel
The company, in an exchange filing on Friday, said it bought a 6.28-acre freehold land parcel in Thane, a part of the Mumbai Metropolitan Region (MMR), for ₹172.48 crore.
The company plans to develop a mixed-use project on the acquired land, with a gross development value of ₹2,000 crore and a Real Estate Regulatory Authority (RERA) saleable area of 9.26 lakh sq ft. The launch is scheduled for early 2026. The land parcel is located at Kasarvadavali, off Ghodbunder Road, in Thane West. JLL India was the transaction advisor for the deal.
"With a strong presence in central locations such as Kanjurmarg, Mulund, and Bhandup, our entry into the Thane market marks a significant milestone in our growth journey," according to Amit Jain, chairman and managing director. "Thane, with its rapidly evolving infrastructure including upcoming metro lines and other major projects, is emerging as a key growth hub for residential and commercial projects. Our strategy is aligned with the overall market trend towards luxury housing.'
Arkade Developers Q4 results
The realty firm reported a 70 per cent increase in its consolidated net profit to ₹33.26 crore for the latest quarter ended March. Its net profit stood at ₹19.61 crore in the year-ago period. Total income rose to ₹134.34 crore in the fourth quarter of the last fiscal from ₹123.13 crore in the corresponding period of the preceding year.
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