Arkade Developers secures Kandivali East project worth ~₹1,100 crore

Arkade Developers has acquired a cluster redevelopment project in Kandivali East with a projected Gross Development Value (GDV) of approximately ₹1,100 crore. The project, located in the upscale neighbourhood of Ashok Nagar, spans approximately 3 acres and involves the redevelopment of 9 societies. The company has secured development rights over a combined saleable RERA carpet area of approximately 325,000 sq. ft., marking a significant expansion of its footprint in Mumbai's western suburbs.

Project Overview

The redevelopment initiative is positioned as a landmark development in Kandivali East, designed to feature premium residences. The project is strategically situated near the Western Express Highway, suburban rail, and the operational Metro Line 2A. The following table summarises the key parameters of the project:

Parameter	Details
Project Type	Cluster Redevelopment
Location	Ashok Nagar, Kandivali East
Projected GDV	~₹1,100 crore
Number of Societies	9
Saleable RERA Carpet Area	~325,000 sq. ft.
Land Area	~3 acres

Strategic Significance

This acquisition reinforces Arkade Developers' growth momentum across the Mumbai Metropolitan Region (MMR). Amit Jain, Chairman and Managing Director of Arkade Developers Limited, stated that the project reflects the company's commitment to thoughtful design and community-centric development. The area offers robust social infrastructure, including reputed schools and hospitals, along with proximity to commercial hubs in BKC, Malad, Goregaon, and Andheri. The development aims to enhance the local ecosystem with contemporary amenities and landscaped open spaces.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-7.59%	-1.03%	-3.46%	-31.10%	-35.79%	-31.32%

Arkade Developers Limited has received its final Monitoring Agency Report from Crisil Ratings Limited for the quarter ended March 31, 2026, confirming the complete utilisation of proceeds raised through its Initial Public Offer (IPO). The report, filed with stock exchanges on May 12, 2026, under reference number CRL/MAR/AKDPL/2025-26/1772, marks the conclusion of IPO proceeds monitoring for the company.

IPO Issue Details

The IPO, which was open for subscription between September 16, 2024, and September 19, 2024, raised gross proceeds of Rs 4,100.00 million through a fresh issue of equity shares. The key financial parameters of the issue are summarised below:

Particulars:	Amount (Rs in million)
Gross Proceeds of the Fresh Issue:	4,100.00
Less: Issue Expenses:	299.25
Net Proceeds:	3,800.75

During the quarter ended March 31, 2026, the net proceeds were revised from Rs 3,810.65 million to Rs 3,800.75 million. This revision was on account of actual issue expenses being higher than estimated as disclosed in the Prospectus, by Rs 9.90 million, with the difference adjusted against the General Corporate Purposes allocation.

Utilisation of IPO Proceeds

The Monitoring Agency confirmed that all proceeds were utilised in accordance with the objects disclosed in the Prospectus dated September 29, 2024. The following table captures the progress of utilisation across all heads during the quarter:

Item Head:	Revised Amount (Rs in million)	Amount at Beginning of Quarter (Rs in million)	Amount During Quarter (Rs in million)	Amount at End of Quarter (Rs in million)	Unutilised Amount (Rs in million)
Funding Development Expenses (Arkade Nest, Prachi CHSL and C-Unit):	2,500.00	2,341.88	158.12	2,500.00	Nil
Funding Land Acquisition and General Corporate Purposes:	1,300.75	1,290.28	10.47	1,300.75	Nil
Net Proceeds:	3,800.75	3,632.16	168.59	3,800.75	Nil
Issue Expenses:	299.25	280.61	18.64	299.25	Nil
Gross Proceeds:	4,100.00	3,912.77	187.23	4,100.00	Nil

Proceeds under Funding Development Expenses were utilised towards construction costs related to various development projects. Notably, during the quarter, the company transferred Rs 5.15 million from its monitoring account to its other current account for operational ease, and these transferred proceeds stand fully utilised as at March 31, 2026.

Cost Revisions and Object-wise Breakdown

The revised cost allocation across the two primary objects of the issue, compared to original estimates, is presented below:

S. No.:	Item Head:	Original Cost (Rs in million)	Revised Cost (Rs in million)
1:	Funding Development Expenses	2,500.00	2,500.00
2:	Funding Land Acquisition and General Corporate Purposes	1,310.65	1,300.75
—	Net Proceeds	3,810.65	3,800.75
3:	Issue Expenses	289.35	299.25
—	Gross Proceeds	4,100.00	4,100.00

The amount allocated for land acquisition and General Corporate Purposes does not exceed 35% collectively (i.e., Rs 1,435.00 million) of the Gross Proceeds, and individually, General Corporate Purposes utilisation does not exceed 25% (i.e., Rs 1,025.00 million) of Gross Proceeds.

General Corporate Purposes Utilisation

For the quarter ended March 31, 2026, an amount of Rs 10.47 million was utilised under the General Corporate Purposes head towards expenses incurred in the ordinary course of business, specifically payments to vendors. The Board of Directors, vide resolution dated May 11, 2026, approved the quantum of utilisation of General Corporate Purposes towards the mentioned item heads, in line with the disclosure provided in the offer document dated September 29, 2024.

Final Report and Compliance Confirmation

The Monitoring Agency confirmed no deviation from the objects of the issue, no change in the means of finance, and no major deviations observed over earlier monitoring agency reports. No unfavourable events affecting the viability of the objects were noted. As on March 31, 2026, both the public issue account balance and the monitoring account balance stand at Nil. Crisil Ratings has accordingly issued this as the final Monitoring Agency Report for the proceeds raised through the IPO of Arkade Developers Limited. The report was prepared on the basis of a management undertaking and a statutory auditor certificate dated April 27, 2026, issued by M/s Mittal & Associates, Chartered Accountants (Firm Registration Number: 106456W).