Arkade Developers has successfully secured the cluster redevelopment rights for four housing societies near Mahavir Nagar in Borivali West, Mumbai. The project, which spans an area of 7,084 square meters, is expected to generate a gross development value (GDV) of Rs. 865 crore. The redevelopment will provide a saleable carpet area of approximately 2.44 lakh square feet, offering significant residential space in one of Mumbai’s thriving suburban areas.
The Housing Societies Involved in the Redevelopment
The four societies included in the redevelopment project are:
These societies will be redeveloped to provide modern housing solutions to the residents, with improved infrastructure and amenities. The project aligns with the city’s ongoing efforts to address the housing shortage and upgrade older residential buildings.
Expansion into Malad West with Nutan Ayojan Redevelopment
In addition to the redevelopment in Borivali West, Arkade Developers is also focusing on the redevelopment of Nutan Ayojan, a cooperative housing society in Malad West. This project, covering 6,858.90 square meters, is expected to generate a GDV of approximately Rs. 740 crore. With this initiative, the company continues to expand its presence in Mumbai’s real estate sector, focusing on delivering modern, high-quality residential developments.
Strategic Growth and Future Prospects
The two major redevelopment projects reflect Arkade Developers' strategic approach to urban renewal in Mumbai, capitalizing on the increasing demand for quality residential spaces in suburban areas. By redeveloping older and dilapidated housing societies, the company is not only contributing to the city’s real estate development but also providing improved living conditions for the local residents.
The total GDV from both the Borivali West and Malad West projects stands at Rs. 1,605 crore, a significant addition to Arkade Developers' portfolio. As Mumbai’s real estate market continues to grow, projects like these will play an important role in meeting the city’s housing needs and transforming older residential communities into modern, sustainable living spaces.
Conclusion
Arkade Developers’ redevelopment of four housing societies in Borivali West and its ongoing project in Malad West are set to provide much-needed modern housing in key suburban areas of Mumbai. With a projected GDV of Rs. 865 crore for the Borivali project and a total GDV of Rs. 1,605 crore for both projects, Arkade Developers is poised to play a significant role in shaping the future of Mumbai's residential landscape.