Construction Industry News
Arkade Developers predicts a revenue potential of Rs 40 billion from its 10 ongoing projects in the Mumbai Metropolitan Region (MMR), as reported by the company's Chairman and Managing Director Amit Jain.
In an interview, Jain said that the company currently has 10 projects underway, eight of which are in the western suburbs. He noted that the estimated revenue from these projects is around Rs 40 billion, with completion expected in three to four years.
The company recently launched a premium residential and commercial project in Bhandup, MMR. This three-acre project is expected to generate up to Rs 7.60 billion in revenue. The plot was acquired in September last year for Rs 1.03 billion.
Discussing the changing consumer preferences and the growing demand for luxury amenities, Jain highlighted that people now prefer facilities such as gyms and swimming pools. He stressed that expectations have increased, with many wanting to save travel time in Mumbai by having such amenities at their fingertips. As a result, the sales pace for these projects has become faster and prices have also increased.
Arkade Developers has a presence in both the western and eastern suburbs, with several projects in South Mumbai. Jain said the company typically launches three to four projects a year and also acquires a similar number of land plots every year.
Furthermore, Jain mentioned that the company is exploring new opportunities in Thane, with a few land parcels already identified for acquisition. He revealed that formal agreements have been signed and the acquisition process is expected to be completed in a few months. This major project, which is expected to generate revenues of around Rs 20 billion, may be launched in the next financial year.
The company’s future plans also include several redevelopment projects. Jain sees redevelopment as a mutually beneficial strategy, as residents get a new apartment while the developer gets the chance to sell additional units on the open market.
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