Arkade Developers to invest Rs 1,600 crore on 7 new projects

NEW DELHI: Realty firm Arkade Developers will invest about Rs 1,600 crore to develop seven new housing projects in Mumbai as part of its expansion plan.

The company will launch seven projects in suburbs of Mumbai this financial year, Amit Jain, Chairman and Managing Director of Arkade Developers, said. ''We are currently developing 4 housing projects and will launch 7 new projects comprising around 1,500 units,'' Jain said. Asked about investment, Jain said the project cost will be around Rs 1,600 crore. Out of the total seven projects, he said six are redevelopment of societies while one project would come up on land parcel owned by it. These projects are planned at Mulund West, Malad West, Vile Parle East, Andheri West, Goregaon East and Santacruz West.

On the ongoing projects, Jain said the company is developing 682 units in these four projects with an investment of Rs 900 crore.

Jain said the company has also appointed merchant bankers to prepare for its initial public offer (IPO). He said the company plans to file draft red herring prospectus (DRHP) in June-July this year to launch IPO.

''We plan to raise around Rs 600 crore through IPO,'' Jain said.

He said the company needs capital to buy land parcels for future expansion.