Arkade Developers Acquires Iconic Filmistan Studios for Landmark Housing Project
Arkade Developers Ltd has acquired Filmistan Pvt Ltd, the owner of a 4-acre land in Mumbai, for Rs 183 crore. This acquisition enables the development of a Rs 3,000 crore housing project at the iconic Filmistan Studios site on SV Road, Goregaon West, marking a significant expansion for Arkade.
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Realty firm Arkade Developers Ltd has successfully acquired Filmistan Pvt Ltd, a company owning a notable 4-acre plot in Mumbai, for Rs 183 crore. This transaction sets the stage for a luxurious housing project projected to generate an impressive revenue of Rs 3,000 crore.
The acquisition centers around the historic Filmistan Studios, located on SV Road in Goregaon West. According to a regulatory filing, Arkade Developers plans to transform this iconic location into a premium housing venture, executing the development with a focus on retaining its legendary status.
With a Share Purchase Agreement approved by the company's board, Arkade has set its sights on marking its presence in the Western Mumbai market. The housing project, backed by an anticipated Gross Development Value of Rs 3,000 crore, underlines Arkade's significant experience with over 5.5 million square feet of developed property.
(With inputs from agencies.)
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