He said the movie requires adequate publicity and marketing which couldn't happen due to the recently-concluded Indian Premier League (IPL).
He also wanted to avoid the rush of films that released post the cricket World Cup.
"The primary reason to push the release date of the film is the IPL as it gets all the media slots and the limelight and then the second reason being the rush of films releasing in April-May clearing the World Cup backlog," Arora said in a statement.
"'Bhindi Baazaar Inc', while being a niche screenplay, also has the street spicy flavour for a wider audience," he said.
"This not being a flamboyant star-studded film needs an innovative marketing and efficient publicity push and with reference to the efforts gone into it, I would want the film to get its deserved audience," he added.
The film was initially slated for an April 15 release but it was pushed to May 20 to avoid being "among the crowd".
The producer said the team utilised the extended time judiciously.
"While we postponed the release we made sure we utilise the time. So we also got to complete the promotional song with Caterina Lopez (Jennifer Lopez's cousin) which is a remix of 'Akkad Bakkad'," he said.
"Now we have locked June 17 as our final release date," he added.
"Bhindi Baazaar Inc" revolves around pickpocketing gangs of Mumbai. Directed by Ankush Bhatta, it features Kay Kay Menon, Deepti Naval, Prashant Narayan, Shilpa Shukla, Vedita Pratap Singh and Piyush Mishra.