Arkade Developers acquires 6.28-acre land parcel in Thane near Mumbai for ₹172 crore
The company plans to develop a mixed-use project with a projected gross development value (GDV) of ₹2,000 crore and having a RERA saleable area of 9.26 lakh sq ft, according to the company statement.
The company said the land parcel is located at Kasarvadavali off Ghodbunder Road in Thane West, and it plans to build 2, 3, and 4 BHK residences along with retail and commercial spaces.
The project faces the Sanjay Gandhi National Park (SGNP) and is wll connected through Ghodbunder Road, the Eastern Express Highway, according to the company statement.
'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. 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," said Amit Jain, chairman and managing director, Arkade Developers Limited.
Also Read: Cricketer K L Rahul and his father-in-law, actor Suniel Shetty, buy land for ₹9.85 crore near Mumbai
"Our strategy is aligned with the overall market trend towards luxury housing. With accelerating demand, we are well-positioned to maintain a sustainable growth trajectory, creating enduring value for all stakeholders. FY 25 marks a year of prominence, during which we also acquired the legendary 4-acre land parcel in Goregaon, previously leased to Filmistan Pvt. Ltd, having an estimated GDV of ₹3,000 crore," Jain said.
Also Read: Rustomjee Group launches housing project in Dombivli near Mumbai with a revenue potential of ₹1,800 crore
The company said that the upcoming Metro line 4 and the Thane-Borivali twin tunnel will bring significant transformation.
Also Read: L&T Realty signs pact for joint development of 12 acre land in Thane with a potential of ₹697 crore
According to the company, Ghodbunder Road, in particular, continues to draw discerning homebuyers and investors. Jones Lang LaSalle (JLL) India was an exclusive transaction advisor for this deal.
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