Listed real estate developer Arkade Developers announced on February 19 that it had secured the redevelopment rights for Nutan Ayojan, a cooperative housing society in Mumbai's Malad West area. The project has a gross development value (GDV) of ₹740 crore.
According to the company, the project spans across 6,858 sq mtrs and the project has a total saleable of 2.33 lakh sq ft RERA carpet approximately.
"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," the company said in a statement.
Upon completion, the project will offer 408 homes, out of which approximately 215 units will be available for sale, the company said in the statement.
“This project is designed to offer residents innovative homes and a modern lifestyle while preserving the familiarity of their trusted surroundings," Amit Jain, Chairman and Managing Director, Arkade Developers, said.
"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, " Jain added.
{{/usCountry}}"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, " Jain added.
{{/usCountry}}According to the company, Malad west is one of Mumbai’s fastest-growing real estate destinations, benefiting from excellent connectivity to major business hubs via the Western Express Highway, Link Road, and the upcoming metro corridors.
The redevelopment initiative aligns with Arkade Developers’ commitment to revitalising established neighbourhoods with contemporary, high-quality developments, the company said.
According to local brokers, the per sq ft price of residential apartments is in the range of ₹35,000 to ₹40,000 per sq ft.
Cluster redevelopment project in Dahisar
On February 12 Arkade Developers had announced securing a cluster redevelopment project with a gross development value of ₹1700 crore in Dahisar, a micro market on the northern tip of Mumbai city.
The company said it acquired a 6.5-acre land parcel in Mumbai's Dahisar East area for the cluster redevelopment of Anand Nagar Society. The total saleable area is approximately 6.76 lakh sq ft.