Arkade Buys Thane Land for Rs. 2000 Cr Mixed-Use Project

On June 13, Mumbai-based listed real estate developer, Arkade Developers, said it has bought a 6.28-acre land parcel in Thane near Mumbai at 172 crore.

The company will be coming up with a mixed-use project with projected gross development value (GDV) of ₹2,000 crore and with a RERA saleable area of 9.26 lakh sq ft, as the company statement said. The company stated that the land parcel is situated at Kasarvadavali off Ghodbunder Road in Thane West and it would develop 2, 3, and 4 BHK apartments, as well as retail and commercial areas.

• Arkade acquires 6.28-acre land in Thane for ₹172 crore.
• Plans ₹2,000 crore mixed-use project with luxury housing and retail.
• Strong connectivity via Ghodbunder Road, Metro Line 4, and twin tunnel.

The project overlooks the Sanjay Gandhi National Park (SGNP) and will be well linked via Ghodbunder Road, the Eastern Express Highway as mentioned in the company statement.

“With a strong presence in central locations such as Kanjurmarg, Mulund, and Bhandup, our entry into the Thane market marks a significant milestone in our growth journey. Thane, with its rapidly evolving infrastructure including upcoming metro lines and other major projects, is emerging as a key growth hub for residential and commercial projects," said Amit Jain, chairman and managing director, Arkade Developers Limited.

"Our strategy is aligned with the overall market trend towards luxury housing. With accelerating demand, we are well-positioned to maintain a sustainable growth trajectory, creating enduring value for all stakeholders. FY 25 marks a year of prominence, during which we also acquired the legendary 4-acre land parcel in Goregaon, previously leased to Filmistan Pvt. Ltd, having an estimated GDV of ₹3,000 crore," Jain said.

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The company commented that the pending Metro line 4 and the Thane Borivali twin tunnel would effect a lot of change. The company reported that the Ghodbunder road, especially, is still attracting savvy homebuyers and investors. Jones Lang LaSalle (JLL) India acted as an sole transaction advisor to this transaction.

“With rising infrastructure tailwinds and a maturing residential catchment, Thane is fast emerging as a magnet for premium mixed-use development. JLL is proud to have exclusively advised on this deal that underscores our leadership in land advisory transactions and strategic capital placements,” said Nishant Kabra, Head - Capital Markets (West & North India), JLL.