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Arkade Developers has secured cluster redevelopment rights for nine housing societies in Mumbai, with the project expected to generate around INR 1,100 crore in revenue. The redevelopment will cover nearly 3 acres and offer a saleable area of 3.25 lakh square feet. The company disclosed the development in a regulatory filing during the week. Mumbai’s redevelopment market has continued to remain active due to limited land availability and growing demand for modern housing projects. Arkade Developers, which has delivered over 5.5 million square feet so far, is also constructing more than 2 million square feet across ongoing projects.
Mumbai-based real estate company Arkade Developers expects to generate nearly INR 1,100 crore in revenue from a new cluster redevelopment project in the city. Advertisement
The company said in a regulatory filing during the week that it has acquired redevelopment rights for nine cooperative housing societies in Mumbai. The project will be developed under a cluster redevelopment model, which has increasingly gained traction in the city due to ageing residential buildings and limited availability of fresh land parcels.
According to the filing, the redevelopment project is spread across around 3 acres and will have a total saleable area of nearly 3.25 lakh square feet.
Cluster redevelopment projects have become an important growth segment for developers in Mumbai, particularly in older residential pockets where multiple societies are redeveloped together to optimise land use and infrastructure planning. Several developers have recently increased their focus on redevelopment opportunities as approvals for greenfield projects within the city remain limited.
Arkade Developers has been expanding its presence in the Mumbai residential market through redevelopment-led projects. The company has already developed more than 5.5 million square feet of real estate, while over 2 million square feet is currently under construction across different projects.
The latest acquisition is expected to further strengthen the company’s redevelopment portfolio in Mumbai, where demand for upgraded residential housing continues to remain steady across mid-income and premium segments.
Source PTI
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