Marathon Expands Mumbai Footprint with a ₹450+ Crore GDV Versova Premium Redevelopment Project

Marathon Nextgen Realty Limited / MNRL ("MNRL" or "the Company") today announced that its subsidiary, Sunset Spaces Private Limited ("Sunset Spaces"), has executed a Development Agreement for the redevelopment of the society located at Versova, Mumbai.

The agreement marks MNRL's foray into society redevelopment, building on the Company's experience in larger-format real estate development and complex urban renewal projects. The project comprises the redevelopment of an existing residential society situated on land admeasuring approximately 1.5 acres, with an estimated Gross Development Value / revenue potential of over ₹450 crore, subject to receipt of requisite approvals, final plans, applicable regulations and market conditions.

The project is being planned as a differentiated, relatively low-density residential redevelopment for the Versova micro-market. This approach is expected to enable a higher proportion of open and landscaped spaces compared with typical high-density redevelopment projects in the area, creating a more spacious and amenity-led residential environment.

Under the terms of the agreement, Sunset Spaces will undertake the planning, approvals, design, construction and execution of the redevelopment project in accordance with applicable laws, regulations and the mutually agreed terms with the society.

Commenting on the development, Mr. Parmeet Shah, Director, Sunset Spaces Private Limited, said: "I am excited to announce Marathon's foray into society redevelopment through this project in Versova. This is the first step in a calibrated strategy to build a society redevelopment platform across select Mumbai micro-markets, with the objective of strategically expanding the reach of the Marathon brand. Society redevelopment gives us access to prime, well-located land parcels without the need for significant upfront investment."

Shares of Marathon Nextgen Realty Limited was last trading in BSE at Rs. 426.30 as compared to the previous close of Rs. 418.90. The total number of shares traded during the day was 4512 in over 294 trades.

The stock hit an intraday high of Rs. 434.00 and intraday low of 418.30. The net turnover during the day was Rs. 1920036.00.

Source : Equity Bulls

Keywords

MarathonNextgenRealty INE182D01020 SunsetSpaces DevelopmentAgreement Redevelopment Versova Mumbai