Arkade Developers Reports Steady Profit Growth Amid Luxury Housing Demand

Arkade Developers Ltd, a realty firm based in Mumbai, reported a 2.5% growth in consolidated profit for the quarter ending December. Despite a slight decline in total income, the firm recorded a 20% increase in net profit for the April-December fiscal period. It continues to adapt to Mumbai's luxury housing trend.

Mumbai-based Arkade Developers Ltd has seen a promising 2.5% rise in consolidated profit, reaching Rs 50.08 crore for the December quarter, primarily due to reduced expenses.

The realty firm's total income dipped to Rs 231.4 crore in the third quarter, down from Rs 239.49 crore the previous year, as per regulatory filings. Yet, from April to December, net profit surged 20% to Rs 123.66 crore compared to Rs 103.30 crore in the prior year.

Chairman Amit Jain stated that the company's performance aligns with expectations, driven by robust pre-sales and revenue from earlier periods. Arkade Developers is responding to a shift in Mumbai's real estate market toward luxury housing, with 55 lakh square feet completed and 20 lakh more under development.

(With inputs from agencies.)