Arkade Developers up 6% on adding 3 new redevelopment projects in Mumbai

Arkade Developers shares jumped 6.5  per cent in Tuesday's trade on BSE, logging an intraday high at Rs 184.25 per share. The upmove in the stock came after the company added three new redevelopment projects in Mumbai.

 

Around 11:16 AM, Arkade Developers shares were up 3.21 per cent at Rs 178.4 per share on BSE. In comparison, the BSE Sensex was up 0.32 per cent at 78,217.01. The market capitalisation of the company stood at Rs 3,312.24 crore. The 52-week high of the stock stood at Rs 190 per share and the 52-week low of the stock stood at Rs 123.3 per share.

 

 

The company has taken three redevelopment projects in the Western Suburbs of Mumbai. Collectively, Arkade will be developing 20,232 square meters (approximately 5 acres) across these redevelopment projects. The projected saleable carpet area is around 5.85 lakh sq. ft generating a projected turnover of Rs 2,150 crore.

 

Individually, the redevelopment projects include one in Andheri East, with proximity to the Western Express Highway, having a plot size of 6,811 square meters, a projected saleable carpet area of 1.29 lakh square feet, and an estimated turnover of Rs 527 crore. 

 

Another project is situated in Malad West, covering over 6,337 square meters and offering a saleable carpet area of 2.12 lakh square feet with a turnover potential of Rs 758 crore.  

 

The third and largest development is a cluster of 4 societies situated in Borivali West. This cluster spans 7,084 square meters, offering a projected saleable carpet area of 2.44 lakh square feet and a potential turnover of Rs 865 crore.

 

"We have a robust pipeline of over 8 upcoming projects across MMR. We expect to witness a further uptick in societies partnering with us, owing to our exemplary delivery track record. Keeping the Family First philosophy in mind, we focus on getting our residents and buyers possession on time," said Amit Jain, chairman and managing director, Arkade

Developers.

 

Arkade Developers is a well-known real estate development company based in India, primarily focused on residential and commercial projects. The company is recognized for delivering high-quality properties and has made a name for itself in the real estate sector, particularly in Mumbai.

 

Since its listing on September 24, 2024, Arkade Developers' shares have gained 35 per cent from its issue price of Rs 128 per share.