Mumbai: Marathon Nextgen Realty Limited (MNRL), through its subsidiary Sunset Spaces Private Limited, has entered into a Joint Development Agreement for a cluster redevelopment project in Sewri, marking the company’s entry into the strategically connected South Mumbai micro-market.
The proposed development will be built on a land parcel measuring approximately 7,500 square metres and is planned to include a high-rise residential tower along with high-street retail spaces. The project carries an estimated Gross Development Value (GDV) of approximately ₹450 crore for MNRL.
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The development potential and estimated GDV remain subject to the receipt of 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 Emerges as Key South Mumbai Connectivity Hub
Sewri has been gaining importance as a well-connected location within Mumbai, supported by major infrastructure developments. The operational Atal Setu has strengthened the area’s position as a gateway connecting South Mumbai with Navi Mumbai and the wider Mumbai Metropolitan Region.
The upcoming Sewri-Worli Elevated Connector is expected to further enhance east-west connectivity by linking Atal Setu, the Coastal Road and the Bandra-Worli Sea Link.
Connectivity is not the only factor shaping Sewri’s residential appeal. The area also offers views of Mumbai’s eastern waterfront, which is often home to flocks of flamingos. Its South Mumbai location, improving accessibility, waterfront views and relative value compared with more established nearby markets are supporting its long-term positioning as a residential destination.
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For Marathon Nextgen Realty, the Sewri project also represents an expansion of its redevelopment strategy. The company said the joint development marks its entry into cluster redevelopment and follows its recent entry into society redevelopment.
The project will now move through the planning and regulatory approval process. Marathon Nextgen Realty said it will make further disclosures on approvals, project timelines and other material developments in accordance with applicable laws and regulatory requirements.
