Real estate firm Arkade Developers has signed a binding agreement to acquire the entire stake in Filmistan for around Rs 183 crore. This acquisition will give the company access to the iconic 4-acre land parcel in Goregaon West, known as Filmistan Studios. The deal is expected to be completed within a month.
High-rise luxury towers planned on Filmistan land
With this deal, Arkade plans to launch an ultra-luxury residential project on the site by 2026. The development will feature 3, 4, and 5 BHK apartments, along with exclusive penthouses, spread across two 50-storey towers. The project is expected to generate a Gross Development Value (GDV) of Rs 3,000 crore.
Goregaon emerging as a luxury hotspot
Goregaon West has been evolving into a high-demand residential zone, thanks to its excellent connectivity and robust social infrastructure. Located near the Western Express Highway, metro lines, and commercial hubs like BKC and Andheri, the suburb also offers green spaces such as Aarey Forest. This mix of convenience and calm has made Goregaon attractive for both homebuyers and investors.
The company believes the project will set new benchmarks for luxury living in the western suburbs. “With a focused strategy across the western suburbs, we are actively expanding our footprint in this region with a couple of launches planned in early 2026,” said Arkade Chairman and MD, Amit Jain.
Independent acquisition with no promoter link
Arkade confirmed that the transaction does not fall under related-party transactions and that neither the promoter group nor any group company has any interest in Filmistan. Moreover, the acquisition does not require any regulatory or governmental approvals, which is expected to smoothen the completion process.
Despite iconic status, Filmistan posts low turnover
Established on April 29, 1943, Filmistan is a legacy firm known for its involvement in the manufacturing, production, distribution, and exhibition of cinematographic films in India. Despite its historic value, the company has remained relatively small in financial terms. As of March 31, 2024, it reported a net worth of Rs 5.54 lakh and a turnover of Rs 18.87 lakh. Over the past three financial years, its turnover stood at Rs 11.25 lakh in 2021–22, Rs 6.83 lakh in 2022–23, and Rs 18.87 lakh in 2023–24.
According to Arkade, the acquisition will help expand its operations in the real estate sector and support future growth. Once the deal is complete, Filmistan will become a wholly owned subsidiary of Arkade Developers.