- Arkade Developers' shares rose over 3% after securing a Rs 1,100 crore project
- The company acquired cluster redevelopment rights for nine buildings in Kandivali East
- The project covers nearly three acres with a Gross Development Value of Rs 1,100 crore
Shares of Arkade Developers Limited sharply surged on Wednesday, May 27 over bagging acquired the cluster redevelopment project worth Rs 1,100 crore in Mumbai.
Arkade Developers share price advanced 3.41% intraday to Rs 127 apiece. The scrip was trading 2.26% higher at around 10:36 am, while the benchmark Nifty 50 index was 0.17% up.
In an exchange filing posted during the market hours on Wednesday, Arkade Developers informed, that comoany has acquired the cluster redevelopment rights of nine located Ashok Nagar, Kandivali East. The project is spread across nearly three acres with a projected Gross Development Value of Rs 1,100 crore. "The redevelopment will feature premium residences, thoughtfully designed to meet the evolving aspirations of urban homebuyers," the filing read.
Kandivali East is a key residential area in Mumbai with connectivity via Western Express Highway, suburban rail, and the operational Metro Line 2A.
Speaking on the project, Amit Jain, Chairman and Managing Director of Arkade Developers Limited, said, “With this new project in Kandivali East, we are delivering a lifestyle experience that reflects our commitment to thoughtful design, sustainability, and community-centric development. This redevelopment rights also reinforces our growth momentum as we continue expanding our footprint across MMR.”.
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