Arkade Developers Ltd. announced on Wednesday that it would redevelop a property in a Mumbai suburb that has a revenue potential of Rs 740 crore.
The company secured the redevelopment rights for Nutan Ayojan, a co-operative housing society in Malad West, according to an exchange filing.
With a total saleable RERA carpet area of approximately 2.33 lakh square feet, the development will feature luxury residence configurations of 2 BHK and 3 BHK apartments, catering to the evolving needs of homebuyers seeking premium living spaces in the western suburbs, it said.
The proposed structure will include two basements, four podium parking levels, an eco-deck and 32 residential floors, ensuring an elevated living experience with modern amenities, it said. "The project, spanning 6,858.9 square metres, is expected to generate a gross development value of approximately Rs 740 crore."
Upon completion, the project will offer 408 homes, out of which approximately 215 units will be available for sale, further expanding its residential and commercial footprint, the company said.
Arkade Developers aims to capitalise on high-growth micro markets through redevelopment, strategic asset acquisitions and "unlocking our land bank's value", Chairperson Amit Jain said.
Malad West, a rapidly developing real estate hotspot in Mumbai, enjoys excellent connectivity to key business districts via the Western Express Highway, Link Road and upcoming metro lines.
The company reported a revenue of Rs 231 crore in the December quarter and a net profit of Rs 50 crore. Pre-sales stood at Rs 220 crore, while collection came at Rs 178 crore.
Shares of Arkade Developers closed 2.87% higher at Rs 143.50 apiece on the National Stock Exchange, compared to a 0.05% decline in the benchmark Nifty. The stock has fallen 13% since its listing in September.
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