Marathon Nextgen Enters Sewri With 450 Crore Project

Marathon Nextgen Realty enters Mumbai’s society redevelopment segment through a premium Versova project with a revenue potential exceeding ₹450 crore, strengthening its residential portfolio in key micro-markets.

MNRL (Marathon Nextgen Realty Limited) has diversified into the redevelopment market in Mumbai for residential real estate by venturing into a luxury project at Versova. This project will be carried out through MNRL’s subsidiary known as Sunset Spaces Private Limited as part of Marathon’s future plans. The GDV (Gross Development Value) for the project is estimated to be above ₹450 crores, depending on statutory approvals and market situation.

Redevelopment project is located in an existing residential society covering approximately 1.5 acres of land in Versova, which is one of the well-established residential localities in Mumbai. In contrast to the common redevelopment projects of high density, the redevelopment project is being developed in such a manner that it is going to be of relatively low density and more focus is being laid on landscaping and other facilities for making it more livable and luxurious.

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Through this development agreement, Sunset Spaces will be in charge of all the processes involved in the redevelopment process, ranging from the planning and regulatory approvals phase to the architecture and construction phases. The firm sees this redevelopment as the first step towards developing a development platform that it can use to access premium real estate in select Mumbai micro-markets.

The redevelopment sector in Mumbai has seen quite some progress as of late because of the unavailability of green field land that has led to developers concentrating on the redevelopment of older residential societies. As per industry reports, there is a shift towards taking up redevelopment projects with large sizes in order to optimize land usage along with improving living infrastructure.

Having been involved in more than 100 projects during the last 50 years, Marathon Group has ongoing projects at Lower Parel, Byculla, and Mulund and also holds land banks in Bhandup, Thane, Dombivli, and Panvel. Marathon believes that their expertise with large format residential and mixed use development will enable the success of Versova project.

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Through the redevelopment project, Marathon Nextgen Realty seeks to add more to its residential property portfolio and further position itself in the high-end real estate market of Mumbai. With the continuous process of redevelopment in the city, the company is optimistic that this project will add value to its stakeholders.