Mumbai, February 09, 2023: Arkade Group today announced it has completed the acquisition of approx. 8300 Square meters plot in the Eastern suburb of Mulund West from Hercules Hoists Limited (Bajaj Group Company). Significantly, this is the first transaction in this CY 2023 in Mumbai for the transfer of land of above Rs 100 crore.
Arkade has also perused the document pertaining to the registration of the conveyance deed done at Chembur, on February 07, 2023. The composite deal value of the deal is Rs. 103.40, which includes transaction value of Rs 90 crore plus stamp duty of Rs 5.40 crore and ULC payment of Rs 8.00 crore. The sale deed shows that payment is made in full and possession is transferred to the buyer.
Sharing details of the transaction, Amit Jain CMD, Arkade Group, “We are looking forward to launching an exclusive residential project offering 2 & 3 BHKs with a construction area of approx. 5,00,000 square feet and a topline of Rs. 600 Crore. This acquisition is in addition to the two million sq. ft. development ongoing across Western suburbs” under the Arkade banner. This deal reassures the belief in Mumbai Real Estate Market which is witnessing an upward trend post-lockdown.