India, April 8 -- 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 Rs.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 i...