Arkade Developers gets redevelopment project in MMR with Rs 865 cr GDV

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Arkade Developers has secured a cluster redevelopment project of four housing societies in Borivali in the Mumbai Metropolitan Region (MMR) with an estimated gross development value (GDV) of Rs 865 crore.

 

The company registered the development agreement (DA) for the project, which is a significant step in cliche cluster redevelopment projects.

 

The project spans 7,084 square metres of area and is expected to deliver a projected saleable carpet area of approximately 2.44 lakh square feet (sq ft).

 

As per Square Yards Data Intelligence, Borivali West saw 1,850 new sale transactions worth Rs 3,290 crore in 2024. The current average property rate in the area hovers around Rs 35,536 per sq ft, while the rental rate is around Rs 52.6 per sq ft. Considering the new sale transactions in 2024, the property prices in the area appreciated by about 4.88 per cent.

 

Amit Jain, chairman and managing director of Arkade Developers, said, “At Arkade, it is our endeavour to not just redevelop buildings, but rebuild communities. This project is a reflection of our philosophy to bring people luxury homes, stronger infrastructure, and vibrant neighbourhoods. This micro market has immense potential, and we are proud to be playing a pivotal role in shaping its future.”

 

Earlier, in February 2025, the company secured another cluster redevelopment project with a GDV of Rs 1,700 crore in Dahisar, another micro-market in MMR. The land parcel spans an area of 6.5 acres, and the project may offer a total saleable area of approximately 6.76 lakh sq ft to the company.