Mumbai-based Arkade Developers Limited announced on February 16 the inking of a development agreement (DA) for the redevelopment of a housing society in Mumbai’s Malad area. The redevelopment project has gross development value (GDV) of ₹700 crore.
According to the company, it has registered DA for the cluster redevelopment of Shree Rani Sati Nagar Co-operative Housing Society Limited, located at SV Road, Malad West.
The project spans approximately 6,553 square metres and is proposed as a large-scale cluster redevelopment with an estimated Gross Development Value of around ₹700 crore, the company said.
“Cluster redevelopment remains a core growth driver for Arkade Developers, and this project at Malad West reinforces our commitment to transforming ageing housing stock into future-ready residential communities. Shree Rani Sati Nagar’s strategic location and scale make it a landmark opportunity, and we are confident of creating long-term value for residents, stakeholders, and homebuyers,” Amit Jain, Chairman and Managing Director, Arkade Developers Limited, said.
According to the company, the project is strategically located along SV Road and enjoys excellent connectivity to key business districts, social infrastructure, and transport corridors in Mumbai’s western suburbs.
Under this development, Arkade Developers will deliver a modern residential development aligned with contemporary urban living standards, while ensuring enhanced lifestyle amenities and upgraded infrastructure for existing members of the society. The project further strengthens Arkade’s footprint in the western suburbs, a key focus market for the company, it said.
“This comes after the recent DA registered by the company for a redevelopment project in Goregaon West spanning 4640. 60 sq mts with a projected GDV of INR 350 crores. With this addition, Arkade Developers continues to build a robust pipeline of redevelopment projects across Western Mumbai and strengthen its presence in the Goregaon- Malad Micro market, leveraging its execution capabilities, design-led approach and deep understanding of redevelopment dynamics,” the company said in the statement.
What is cluster development?
Cluster development is an urban redevelopment approach where multiple adjoining buildings or plots are combined and redeveloped as one large project. It allows better planning, improved infrastructure, wider roads, open spaces, and amenities, while enabling rehabilitation of existing residents and more efficient use of land in crowded cities.
Examples of cluster redevelopment in the Mumbai real estate market include MHADA layouts such as Motilal Nagar (Goregaon), Abhyudaya Nagar (Parel), Adarsh Nagar (Worli), Bandra Reclamation, and GTB Nagar (Sion), as well as Kamathipura. Several private housing societies also undergo cluster redevelopment.
