Arkade Developers advanced 3.81% to Rs 151.10 after the company announced that it has registered a development agreement for cluster redevelopment in Borivali West, Mumbai, with a gross development value (GDV) of approximately Rs 865 crore.
According to the exchange filing, the company has secured the cluster redevelopment rights and registered the DA (development agreement) for Satya Shreepal Nagar A CHS, Om Shreepal Nagar B & C CHS, Sheetal Shreepal CHS, and Sai Shreepal CHS; in proximity to Mahavir Nagar, the project spans 7,084 square meters and is set to deliver a projected saleable carpet area of approximately 2.44 lakh square feet.
The development carries an estimated top line of Rs 865 crore, marking a significant addition to Arkades growing portfolio in the western suburbs. Situated in one of Mumbais well-connected residential zones, the cluster redevelopment project reflects the increasing momentum of large-scale, community-focused transformations across the city.
The project will be designed to blend modern lifestyle features with functional, sustainable architecturean approach Arkade has become known for in its ongoing mission to enhance urban living standards.
Amit Jain, chairman and MD of Arkade Developers, said, At Arkade, it is our endeavor to not just redevelop buildings but also rebuild communities. This project is a reflection of our philosophy to bring people luxury homes, stronger infrastructure, and vibrant neighborhoods. This micro market has immense potential, and we are proud to be playing a pivotal role in shaping its future.
Arkade Developers is a real estate development company concentrating on the development of premium, aspirational lifestyle residential premises in Mumbai, Maharashtra, Indias commercial capital. The company is engaged in the development of new projects (development/construction of residential premises on land acquired by the company) and the redevelopment of existing premises.
The companys consolidated net profit rose 2.5% to Rs 50.08 crore in Q3 FY25, as compared to Rs 48.88 crore in Q3 FY24. However, revenue from operations fell 6.1% YoY to Rs 224.62 crore in the quarter ended 31 December 2024.
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