E-Paper
Arkade Developers eyes second homes market in Karjat-Neral belt near Mumbai with launches priced at ₹50 lakh to ₹1 crore
Arkade Developers eyes ₹500 crore revenue from 80–100 acre second homes project in Karjat-Neral; Plot prices to start at ₹50 lakh, 3BHK villas at ₹1 crore
Mumbai-based listed developer Arkade Developers is set to enter the second-home market with a large-scale plot and villa project in the Neral-Karjat belt, offering plots from around ₹50 lakh and 3BHK villas priced at approximately ₹1 crore.
The company is actively scouting for land parcels in the range of 80 to 100 acres to bring the project to life.
"We are targeting aspirational second-home buyers, and offer premium-yet-affordable options, with plot prices starting at around ₹50 lakh and 3BHK villas priced at approximately ₹1 crore," Amit Jain, CMD, Arkade Developers.
"With this venture, we are eyeing a topline of about ₹500 crore, tapping into the growing demand for leisure and lifestyle-oriented housing within a short drive from Mumbai. The topline ballpark may look smaller, but the bottom line margins make it very attractive," Jain said.
According to Jain, the ₹50 lakh to ₹1 crore price range product and Neral-Karjat belt are safer and strategic options considering the sales cycle and the overall ecosystem in the second home segment.
According to local brokers, the options at ₹50 lakh are very limited. For example, Rustomjee Group is selling plotted development for around ₹50 lakh in Kasara near Mumbai and now Arkade Developers plans to launch in similar price points.
However, for a ₹50 lakh budget along with construction, there are few viable options and one of it is buying land in areas like Karjat, Neral, Shahapur, or Murbad from a Grade B developer for around ₹20 lakh, and spending the remaining ₹30 lakh on construction and approvals for a 2BHK independent home.
Popular second home destinations
Popular locations include Lonavala and Khandala near Pune, Dapoli in the Konkan region, Alibaug in Raigad district, Manor in Palghar, Igatpuri, Kasara Ghat near Nashik, and the Karjat-Neral belt near Mumbai.
Developers such as Rustomjee Group, Mahindra Lifespaces, Godrej Properties, Wadhwa Group, House of Abhinandan Lodha (HoABL), and Arihant Superstructures have introduced such second-home projects over the past two years.
Redevelopment spree
Arkade Developers has announced eight projects in Mumbai with over ₹5,000 crore of gross development value (GDV).
The company was recently in the news for acquiring Filmistan Studio, founded by Kajol's grandfather Sasadhar Mukherjee in 1943, by way of a binding agreement for ₹183 crore. The developer plans to launch a luxury apartment project on the site with a gross development value of ₹3,000 crore.
Also Read: Filmistan Studio, founded by Kajol’s grandfather, is set for redevelopment into luxury apartments
Arkade Developers in June 2025 also announced purchasing a 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.
