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.

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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.

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"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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)