NEW DELHI, Feb 19:
Arkade Developers, a prominent real estate firm, announced on Wednesday that it has acquired redevelopment rights for a co-operative housing society in Mumbai. The firm anticipates generating revenue of Rs 740 crore from this forthcoming residential endeavor.
In a regulatory announcement, the company revealed that it has successfully “secured the redevelopment rights for Nutan Ayojan, a co-operative housing society located in Malad West, representing a significant achievement in its strategic growth across Mumbai’s key micro-markets.”
The project will cover an area of 6,858.90 square metres, with a projected Gross Development Value (GDV) estimated at approximately Rs 740 crore.
The total saleable RERA carpet area is set at 2.33 lakh square feet. Upon completion, this project is poised to provide 408 residences, with around 215 units designated for sale, thereby enhancing its residential and commercial reach.
Amit Jain, Chairman and Managing Director of Arkade Developers, stated, “In line with our overarching vision, we aim to leverage high-growth micro-markets through redevelopment initiatives, strategic asset acquisitions, and maximizing the value of our land bank. By broadening our launch pipeline, we are positioned to expedite our growth strategy.”
To date, the company has completed 31 projects encompassing a total of 55 lakh square feet, with over 20 lakh square feet currently under development. (PTI)
