Arkade Group buys three-acre industrial land in Bhandup for ₹ 104 crore

Mumbai-based Arkade Developers has acquired a three-acre industrial land parcel in Bhandup for INR 104 crore ($14.3m), bringing its total developable area to 1.98 million sq ft.

Mumbai: Arkade Developers has acquired another three-acre industrial land parcel in Bhandup on LBS Marg in the eastern suburbs for ₹104 crore.

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The developer has purchased 2.96 acres of land from Copper Rollers Pvt Ltd for a sum of ₹98 crore, and it paid a stamp duty of ₹5.88 crore, according to the registration documents accessed by IndexTap.com. The transaction was formally registered on September 26.

In February this year, Arkade Group had purchased approximately 8,300 sq m plot from Hercules Hoists Ltd, a Bajaj group company, for a little over ₹103.40 crore in Sarvodaya Nagar in Mulund West in the same stretch.

Arkade Group, which soon plans to launch an IPO, has also recently acquired a redevelopment project at Bangur Nagar, Goregaon spread over 4,620 sq m. Led by Amit Jain, the Arkade Group is currently developing five ongoing projects with a developable area of 1.98 million sq ft.