Marathon Nextgen Realty Secures ₹450+ Crore Versova Redevelopment Project
Marathon Nextgen Realty Limited has entered the society redevelopment sector with a significant project in Mumbai. Its subsidiary, Sunset Spaces Private Limited, recently executed a Development Agreement for the redevelopment of an existing residential society located in Versova.The agreement involves repurposing an existing residential society situated on approximately 1.5 acres. The project carries an estimated Gross Development Value (GDV) and revenue potential exceeding ₹450 crore, subject to the receipt of necessary approvals, final plans, applicable regulations, and market conditions. This move marks MNRL’s entry into the domain of society redevelopment, building upon its experience in larger format real estate development and complex urban renewal initiatives.
The project is strategically planned as a differentiated, relatively low density residential redevelopment tailored for the Versova micro-market. This approach aims to provide a more spacious and amenity led residential environment compared to typical high density projects in the area, allowing for a higher proportion of open and landscaped spaces.
Under the terms of the agreement, Sunset Spaces will manage the entire scope of work, including planning, design, approvals, construction, and execution, ensuring adherence to applicable laws, regulations, and mutually agreed terms with the society.
Commenting on this development, Mr Parmeet Shah, Director of Sunset Spaces Private Limited, stated that he is excited by Marathon's entry into society redevelopment in Versova. He added that this project represents the initial step in a calculated strategy to establish a society redevelopment platform across various Mumbai micro-markets. This strategic focus allows the brand to access prime, well located land parcels without incurring significant upfront investment.
MARATHON Stock Price Movement
Marathon Nextgen Realty Limited is edging higher to ₹420.9 as of the 9:13 AM pre-open session, rising by 0.62%. The stock features a trade volume of 90 shares reported in the current trading phase.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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