Mumbai Real Estate Boom: Arkade Developers Unveils Rs 865 Crore Redevelopment Project

Arkade Developers Ltd anticipates generating Rs 865 crore from a redevelopment project in Mumbai. The company has obtained redevelopment rights and secured a development agreement for several housing societies, with a saleable area of 2.44 lakh square feet. This project expands Arkade's portfolio significantly.

Realty firm Arkade Developers Ltd has announced an ambitious redevelopment project in Mumbai, expected to bring in revenue of Rs 865 crore. The announcement was made on Tuesday, detailing the company's acquisition of cluster redevelopment rights and the registration of a development agreement.

This initiative involves several housing societies, including Satya Shreepal Nagar A CHS Ltd, Om Shreepal Nagar B & C CHS Ltd, Sheetal Shreepal CHS Ltd, and Sai Shreepal CHS Ltd. The project promises a saleable carpet area of approximately 2.44 lakh square feet.

Arkade Developers, based in Mumbai, has already completed 31 projects over 55 lakh square feet. The new project marks a notable expansion of their portfolio in the western suburbs, further adding to the 20 lakh square feet currently under development.

(With inputs from agencies.)