Amit Jain, chairman and managing director of Arkade Developers, estimates that its ten ongoing projects in the Mumbai Metropolitan Region (MMR) have a revenue potential of Rs 4,000 crore.
On Monday, the business announced the inauguration of a luxury residential and commercial property in Bhandup, Mumbai Metropolitan Region. The three-acre project is expected to generate revenues of up to Rs 760 crore. In September last year, the business paid Rs 103 crore for the land block.
The company’s project pipeline also includes several redevelopment projects. Jain feels that redevelopment is a win-win situation for both residents (who get a new flat) and developers (who can sell some units on the open market). Recognising the MMR’s large redevelopment market, Jain stated, “In Mumbai, new land parcels are scarce. They are available in the eastern suburbs, while the western suburbs have very little land.”
In addition, the company’s consolidated revenue for the first quarter of fiscal year 2025 (Q1 FY25) was Rs 125.4 crore, an increase of 103.01 percent year on year. The profit after tax (PAT) for the same time was around Rs 30.22 crore, compared to Rs 6.57 crore in Q1 FY24.
Jain anticipates a similar performance in the second quarter. “Our Q1 FY25 results were fantastic, and the growth is steady and organic; quarter two should be on similar lines,” he commented. Additionally, the company’s shares were listed on both main Indian stock markets in September 2024. Its total market capitalisation is around Rs 2,625.47 crore.
Source: Business Standard