Arkade Developers Expands with Major Land Acquisition in Mumbai
Arkade Developers Ltd has acquired 14,364 sq metres of land in Mumbai for Rs 148 crore, boosting its existing real estate portfolio. The company has entered an agreement to secure 100% shareholding in Woollen and Textile Industries Ltd, enhancing its presence in the Mumbai Metropolitan Region.
- Country:
- India
Real estate giant Arkade Developers Ltd announced on Wednesday its acquisition of a significant land parcel in the bustling Mumbai Metropolitan Region (MMR) for a substantial Rs 148 crore. The purchase covers 14,364 square metres, marking a major expansion for the company.
In a decisive regulatory filing, Arkade Developers revealed that it has entered a memorandum of understanding (MoU) to acquire full shareholding in Woollen and Textile Industries Ltd. This strategic move reinforces Arkade's stronghold in the real estate sector.
To date, the Mumbai-based firm has completed 31 projects, spanning 5 million square feet, with a further 2 million square feet under construction. This acquisition underscores Arkade Developers' leading position in India's real estate market.
(With inputs from agencies.)
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