On April 8, Arkade Developers Limited, a listed real estate developer based in Mumbai, declared that it had obtained cluster redevelopment rights for a project in the Borivali neighborhood of Mumbai. According to the developer, these redevelopment projects could generate ₹865 crore in revenue, which will be developed across 2.44 lakh square feet.
The company claims to have signed a development agreement for the redevelopment of four housing societies in the Borivali West area of Mumbai: Satya Shreepal Nagar A CHS Ltd, Sheetal Shreepal CHS Ltd, Om Shreepal Nagar B and C CHS Ltd, and Sai Shreepal CHS Ltd.
According to the company, the project will cover 7,084 square meters and provide an estimated 2.44 lakh square feet of saleable carpet space.
Our mission to provide people with upscale residences, improved infrastructure, and lively neighborhoods is reflected in this project. We are honored to be playing a crucial part in determining the future of the Borivali micro market, which has enormous potential," stated Amit Jain, chairman and managing director of Arkade Developers Limited.
According to the company, the project enhances Arkade Developers' reputation as a reliable participant in the city's transformation narrative and reaffirms the company's dedication to high-value, strategic redevelopment in Mumbai's land-constrained environment. With a strong pipeline of projects, Arkade Developers keeps growing its footprint in the MMR area," Jain continued.
Other redevelopment projects in Mumbai
The last two months have seen the announcement of redevelopment projects in the Mumbai real estate market by a number of listed developers, including Raymond Limited and Mahindra LifeSpaces.
Arkade Developers also announced two more redevelopment projects in February 2025. In Dahisar, a micromarket on the northern edge of Mumbai City, there is a cluster redevelopment project spanning 6.5 acres with a gross development value of ₹1700 crore.
Nutan Ayojan, a cooperative housing society in the Malad West neighborhood of Mumbai, will also be a part of another project and granted redevelopment rights for the same. The project spans almost 7,000 square meters and has a gross development value (GDV) of ₹740 crores, according to the company's regulatory filings.
What is redevelopment?
Many old buildings in Maharashtra are currently being renovated, especially those that are two to seven stories high. In compliance with numerous regulations, this procedure entails tearing down the old building and erecting a larger, more contemporary structure in its place. Cluster redevelopment is the process of redeveloping several buildings in one go.
The developer sells some of the apartments in the new building for profit on the open market, so the residents of the old buildings get larger apartments in the new building for free. By collecting additional taxes and selling the floor space index (FSI) to the developer, the government makes money.