Marathon Nextgen Realty enters Sewri with ₹450 crore GDV Residential project

Marathon Nextgen Realty Limited ("MNRL" or "the Company") today announced that its subsidiary, Sunset Spaces Private Limited ("Sunset Spaces"), entered into a Joint Development Agreement for a cluster redevelopment project in Sewri, Mumbai. The proposed development will comprise a high-rise residential tower with high-street retail spaces.

The project is situated on a land parcel admeasuring approximately 7,500 square metres and has an estimated Gross Development Value (GDV) of approximately ₹450 crore for MNRL. The development potential and estimated GDV are subject to receipt of the requisite statutory approvals, finalisation of development plans, applicable regulations and prevailing market conditions.

Commenting on the development, Mr. Parmeet Shah, Director, Sunset Spaces Private Limited, said: "We are pleased to announce our entry into Sewri through this joint development project. Sewri is a well-connected and strategically important South Mumbai micro-market, with major infrastructure investments significantly improving its connectivity and long-term growth potential. The project gives Marathon a strong and visible presence in a location where we have not previously operated.

Our strategy is to steadily expand the Marathon footprint across high-potential Mumbai micromarkets through carefully selected opportunities. This joint development marks our expansion into cluster redevelopment, complementing our recent entry into society redevelopment. These avenues further broaden the routes through which we can grow, while remaining disciplined about location, product quality and execution."

Sewri is emerging as one of Mumbai's most well-connected locations. The operational Atal Setu has positioned the area as an important gateway between South Mumbai, Navi Mumbai and the wider Mumbai Metropolitan Region. The upcoming Sewri-Worli Elevated Connector is expected to substantially improve east-west connectivity by bridging Atal Setu, the Coastal Road, and the Bandra-Worli Sea Link. Beyond its excellent connectivity, Sewri offers beautiful views of Mumbai's eastern waterfront, which is often home to flocks of flamingos. The area's improving accessibility, South Mumbai location, amazing views and relative value compared with more established nearby markets strengthen Sewri's long-term appeal as a residential destination.

The project will now progress through the planning and regulatory approval process. The Company will make further disclosures regarding approvals, project timelines and other material developments in accordance with applicable laws and regulatory requirements.

Shares of Marathon Nextgen Realty Limited was last trading in BSE at Rs. 388.30 as compared to the previous close of Rs. 383.70. The total number of shares traded during the day was 4062 in over 238 trades.

The stock hit an intraday high of Rs. 395.05 and intraday low of 381.20. The net turnover during the day was Rs. 1575038.00.

Source : Equity Bulls

Keywords

MarathonNextgenRealty INE182D01020 RealEstate Sewri ResidentialProject