Mumbai: Marathon Nextgen Realty Limited (MNRL) has announced its entry into Mumbai’s society redevelopment segment after its subsidiary, Sunset Spaces Private Limited, executed a Development Agreement for the redevelopment of a residential society in Versova.
The agreement marks the company’s first society redevelopment project, expanding its portfolio beyond larger-format developments and urban renewal initiatives while strengthening its presence in one of Mumbai’s established residential micro-markets.
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The redevelopment project is planned on a residential society spread across approximately 1.5 acres and carries an estimated Gross Development Value (GDV) of over ₹450 crore. The projected revenue potential remains subject to the receipt of statutory approvals, final project plans, applicable regulations, and prevailing market conditions.
According to the company, the project is being conceived as a differentiated, relatively low-density residential development for the Versova market. The proposed planning approach is expected to provide a higher proportion of landscaped and open spaces compared with conventional high-density redevelopment projects in the locality, with an emphasis on creating a more spacious, amenity-focused residential environment.
As part of the agreement, Sunset Spaces Private Limited will be responsible for the planning, approvals, design, construction, and execution of the redevelopment project in accordance with applicable laws, regulatory requirements, and the mutually agreed terms with the housing 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.”
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The project represents Marathon’s strategic entry into Mumbai’s society redevelopment market, with the company indicating that it intends to build a redevelopment platform across select micro-markets in the city as part of its long-term expansion strategy. The focus on redevelopment is expected to provide access to established residential locations while supporting the company’s broader growth ambitions in Mumbai’s real estate sector.
