The cooperative housing society Nutan Ayojan in Malad West, Mumbai, has acquired the redevelopment rights, according to a statement released by listed real estate company Arkade Developers. With a gross development value (GDV) of Rs 740 crore, the project is expected to change the local residential environment.
Spanning 6,858 square meters, the development will offer approximately 2.33 lakh square feet of RERA carpet area. The project will feature premium 2 and 3 BHK residences across 32 floors, catering to homebuyers seeking upscale living spaces in Mumbai’s western suburbs.
There will be 408 residential units in the project when it is finished, with about 215 of those units up for sale. “This redevelopment is designed to provide residents with modern homes while preserving the essence of their familiar surroundings,” said Amit Jain, Chairman and Managing Director of Arkade Developers.
Jain added that Arkade Developers is poised to accelerate its growth trajectory by growing its launch pipeline and by strategically redeveloping, acquiring assets, and optimising its land bank to capitalise on high-growth micro-markets.
Malad West is emerging as one of Mumbai’s prime real estate destinations, benefiting from excellent connectivity via the Western Express Highway, Link Road, and the upcoming metro corridors. The redevelopment aligns with Arkade’s commitment to revitalizing established neighborhoods with contemporary, high-quality developments.
The rising demand for upscale homes in the area is reflected in the residential property prices in the neighbourhood, which vary from Rs 35,000 to Rs 40,000 per square foot, according to local brokers.
Source: Hindustan Times
