Arkade Developers Gets Redevelopment Rights for Mumbai's Housing Society

Listed real estate company Arkade Developers declared that it has obtained the redevelopment rights for the Malad West neighborhood of Mumbai's Nutan Ayojan Cooperative Housing Association. The gross development value (GDV) of the project is Rs. 740 crore.  The project is 6,858 square meters in size, with an approximate total saleable area of 2.33 lakh square feet of RERA carpet, according to the business.

The company said in a statement, "The development will feature luxury residence configurations of 2 and 3 BHK apartments, catering to the evolving needs of homebuyers seeking premium living spaces in Mumbai’s western suburbs along with 32 residential floors”.

According to the company's statement, the project would eventually have 408 dwellings, of which about 215 will be for sale.

The company claims that Malad West is one of Mumbai's real estate markets with the quickest rate of growth, thanks to its superior access to important business centers through the Western Express Highway, Link Road, and the future metro routes.

According to the company, the redevelopment project is in line with Arkade Developers' mission to revitalize long-standing neighborhoods with modern, superior construction.

Residential apartments cost between Rs. 35,000 and Rs. 40,000 per square foot, according to local brokers.

Amit Jain, Chairman, and Managing Director, Arkade Developers says, “This project is designed to offer residents innovative homes and a modern lifestyle while preserving the familiarity of their trusted surroundings”.

Jain further added "Aligned with our broader vision, we aim to capitalize on high-growth micro-markets through redevelopment, strategic asset acquisitions, and unlocking our land bank's value. By expanding our launch pipeline, we are set to accelerate our growth strategy”.