 "The year was a mixed bag for the real estate industry as housing supply slowed down but record investments came in. Industry experts believe that demand will stabilise as sales are likely to be lower compared to 2023.")
Real estate company Arkade Developers on Wednesday said it has bagged redevelopment rights for a co-operative housing society in Mumbai and it is expecting Rs 740 crore revenue from this upcoming residential project.
In a regulatory filing, the company informed that it has "secured the redevelopment rights for Nutan Ayojan, a co-operative housing society in Malad West, marking another milestone in its strategic expansion across Mumbai's prime micro-markets." The project, spanning 6,858.90 square metres, is expected to generate a Gross Development Value (GDV) of about Rs 740 crore.
The total saleable RERA carpet area is 2.33 lakh square feet. Upon completion, the project will offer 408 homes, out of which about 215 units will be available for sale, further expanding its residential and commercial footprint.
Amit Jain, Chairman and Managing Director of Arkade Developers, said, "Aligned with our broader vision, we aim to capitalise on high-growth micro-markets through redevelopment, strategic asset acquisitions, and unlocking our land bank's value. By expanding our launch pipeline, we are set to accelerate our growth strategy." The company has completed 31 projects so far covering 55 lakh sq ft area. More than 20 lakh square feet is under development.
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