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Arkade Developers buys 6.28-acre land parcel in Thane for ₹172.48 crore
Arkade Developers, a Mumbai-based real estate developer, has bought a 6.28-acre freehold land parcel in Thane, a part of the Mumbai Metropolitan Region (MMR), for ₹172.48 crore, including stamp duty.
The company will develop a mixed-use project on the purchased land with a gross development value (GDV) of ₹2,000 crore, having a Real Estate Regulatory Authority (RERA) saleable area of 9.26 lakh square feet (sq ft). The project launch is slated for early 2026, the company noted.
The land parcel is located at Kasarvadavali, off Ghodbunder Road, in Thane West. JLL India was the transaction advisor for the deal.
The company believes that with the upcoming Metro Line 4 and the Thane–Borivali twin tunnel, Thane is undergoing significant transformation. The land deal marks Arkade's entry into the Thane market.
Amit Jain, chairman and managing director, Arkade Developers, said, '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. Our strategy is aligned with the overall market trend towards luxury housing.'
Further, Jain stated that during the financial year 2025 (FY25), the company also acquired a 4-acre land parcel in Goregaon, which was previously leased to Filmistan. The parcel has an estimated GDV of ₹3,000 crore.
According to Square Yards Data Intelligence, in the first quarter of the calendar year 2025 (Q1 CY25), Thane West saw 3,126 new property transactions with a gross sales value of ₹3,787 crore.
The property rate in the area as of Q1 CY25 stood at ₹21,547 per sq ft, up from ₹20,029 per sq ft in Q1 CY24. Meanwhile, the rental rate as of Q1 CY25 stood at ₹40.413 per sq ft.
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