Mumbai-based listed real estate company Arkade Developers has announced the acquisition of a 6.28-acre land parcel in Thane, near Mumbai, for ₹172 crore.
According to the company’s statement, the planned development will be a mixed-use project with a projected gross development value (GDV) of ₹2,000 crore and a RERA saleable area of 9.26 lakh square feet.
The company stated that it has acquired the land parcel in Kasarvadavali, off Ghodbunder Road in Thane West. The upcoming project will feature 2, 3, and 4 BHK residences, along with retail and commercial spaces.
Overlooking the Sanjay Gandhi National Park (SGNP), the project offers excellent connectivity via Ghodbunder Road and the Eastern Express Highway, as per the company’s 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.
The company noted that the upcoming Metro Line 4 and the Thane-Borivali twin tunnel will significantly transform the area.
According to the company, Ghodbunder Road continues to attract discerning homebuyers and investors. Moreover, Jones Lang LaSalle (JLL) India served as the exclusive transaction advisor for the deal, further reinforcing the strategic importance of this acquisition.
“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.
With the strategic land acquisition in Thane, Arkade Developers aims to strengthen its presence in the Mumbai Metropolitan Region. Supported by major infrastructure developments like Metro Line 4 and the Thane-Borivali twin tunnel, the company plans to launch a mixed-use project designed to attract both homebuyers and investors, further enhancing Ghodbunder Road’s reputation as a prime real estate destination.
