ARKADE Group has acquired a land parcel of approximately 8,327 sq meters (2.05 acre) in Mumbai’s Mulund from Hercules Hoists for Rs 90 crore, the company said in a media release.
The company has already done a part payment of 10 per cent of the total amount to Hercules Hoists. With this acquisition, it aims to strengthen its presence in Mumbai’s eastern suburbs.
Recently, the company had announced the acquisition of six projects totaling 11,50,000 sq ft of construction area and has already invested Rs. 215 crore for this purpose.
These project comprises three plots bought on outright basis and three redevelopment projects that are located across the western suburbs of Mumbai. These projects are expected to generate around Rs. 1,250 crore of sales revenues.