Mumbai-based listed real estate developer Arkade Developers Limited announced on April 8 that it had secured cluster redevelopment rights for a project in Mumbai’s Borivali area. The company said the project has the potential to develop 2.44 lakh sq ft and a revenue potential of ₹865 crore.
According to the company, it has registered a development agreement for cluster redevelopment of four housing societies, namely Satya Shreepal Nagar A CHS Ltd, Om Shreepal Nagar B and C CHS Ltd., Sheetal Shreepal CHS Ltd, and Sai Shreepal CHS Ltd in Borivali west area of Mumbai.
The company said the project spans 7,084 sq mtrs and is set to deliver a projected saleable carpet area of approximately 2.44 lakh sq ft.
“This project is a reflection of our philosophy to bring people luxury homes, stronger infrastructure, and vibrant neighbourhoods. Borivali micro market has immense potential, and we are proud to be playing a pivotal role in shaping its future,” Amit Jain, Chairman and Managing Director of Arkade Developers Limited, said.
According to the company, the project reinforces Arkade Developers’ commitment to strategic, high-value redevelopment in Mumbai’s land-constrained environment and further strengthens its foothold as a trusted player in the city’s transformation narrative. Arkade Developers continues to strengthen its presence in the MMR region with a robust pipeline of projects,” Jain added.
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Other redevelopment projects in Mumbai
Several listed developers, such as Raymond Limited and Mahindra LifeSpaces, have announced redevelopment projects in the Mumbai real estate market in the last two months.
Arkade Developers also announced two redevelopment projects in February 2025. This includes a cluster redevelopment project spread across 6.5 acres with a gross development value of ₹1700 crore in Dahisar, a micro market on the northern tip of Mumbai city.
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Another project included redevelopment rights for Nutan Ayojan, a cooperative housing society in Mumbai’s Malad West area. The project has a gross development value (GDV) of ₹740 crores and is spread across nearly 7,000 sq meters, according to the regulatory filings of the company.
What is redevelopment?
In Maharashtra, several old buildings, especially those comprising two to seven storeys, are currently being redeveloped. Redevelopment of housing projects involves demolishing the old structure and replacing it with a modern and bigger building subject to various norms.
However, when more than one building is taken for redevelopment together, a cluster is formed, which is known as cluster redevelopment.
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The residents of the old building get larger apartments in the newer building for free, as the developer sells a certain number of apartments in the new building for a profit in the open market. The government earns revenue by selling the floor space index (FSI) to the developer and through other taxes.
