Arkade Developers acquires Filmistan Studios in Mumbai for Rs 183 cr to build Rs 3K cr worth homes

Mumbai, Jul 3 (PTI) Realty firm Arkade Developers Ltd has acquired 'Filmistan Pvt Ltd', which owns 4 acre land in Mumbai, for Rs 183 crore to develop a housing project with an estimated revenue of Rs 3,000 crore.
     This acquisition will enable Arkade Developers to develop the iconic 4-acre land parcel situated on SV Road in Goregaon West, popularly known as 'Filmistan Studios', the company said in a regulatory filing on Thursday.
     The company's board approved the execution of a Share Purchase Agreement (SPA) for the acquisition of 100 per cent shares in Filmistan Private Limited (FPL).
     Arkade has entered into a binding agreement to acquire the entity 'Filmistan Pvt Ltd' for a total outlay of Rs 183 crore.
     "With a projected Gross Development Value (GDV) of Rs 3,000 crore, the project is poised to become a landmark in premium housing in Western Mumbai," it said.
     Arkade Developers has developed over 5.5 million square feet of property, with an additional 2 million square feet currently under construction.

(This story has not been edited by THE WEEK and is auto-generated from PTI)