According to reports from CNBC TV18, Arkade Developers Ltd. has secured redevelopment rights for nine housing societies in Ashok Nagar, Kandivali East, Mumbai. The project spans approximately three acres and features a saleable RERA carpet area of nearly 3.25 lakh square feet. The company announced this development through its exchange filing, marking a significant addition to its portfolio. As per the latest reports, the proposed development will be spread across approximately three acres and will have a saleable RERA carpet area of around 3.25 lakh sq ft. The redevelopment will be among the significant projects in Kandivali East and will focus on transforming an existing neighbourhood into a modern residential community.
As reported by CNBC TV18, the redevelopment project carries a projected Gross Development Value (GDV) of around ₹1,100 crore. The company plans to develop premium residential units aimed at urban homebuyers, featuring landscaped open spaces and modern amenities. The project is expected to include contemporary amenities, landscaped open spaces and high-quality construction standards. The redevelopment is aimed not only at providing modern homes but also at enhancing the local residential ecosystem. Chairman and Managing Director Amit Jain emphasized that this project reinforces the company's growth momentum as it continues expanding its footprint across the Mumbai Metropolitan Region.
According to CNBC TV18, shares of Arkade Developers gained more than 3% on Wednesday, May 27, following the project announcement. The stock was trading nearly 1.5% higher at ₹124.1 during the session. However, the company's stock has faced challenges, falling close to 8% so far this year and more than 29% in the last 12 months, as reported by CNBC TV18.
As highlighted by CNBC TV18, the Kandivali East project benefits from excellent connectivity through the Western Express Highway, suburban railway network and Metro Line 2A. The area also has proximity to schools, hospitals, malls, and commercial hubs such as BKC, Malad, Goregaon and Andheri. Kandivali East has emerged as a key residential market in Mumbai, supported by strong connectivity and social infrastructure. These factors, along with real estate appreciation and rental demand, continue to make Kandivali East an attractive location for homebuyers. The company emphasized that this strategic positioning will enhance the project's appeal to urban homebuyers.
According to CNBC TV18, Arkade Developers has completed 32 projects over the last four decades and has developed over 5.5 million square feet of property. The company currently has more than 2 million square feet under development. This new Kandivali East project represents a significant addition to the company's ongoing development pipeline in the Mumbai Metropolitan Region. Commenting on the development, Amit Jain, Chairman and Managing Director of Arkade Developers Limited, said every project allows the company to create spaces that go beyond homes and help build stronger communities. He said the Kandivali East project reflects Arkade's commitment to thoughtful design, sustainability and community-centric development.
