Mumbai, July 7 -- Marathon Nextgen Realty has announced its entry into society redevelopment through a premium residential project in Versova, Mumbai. Its subsidiary, Sunset Spaces, has executed a development agreement for the redevelopment of an existing residential society.
The project is spread across approximately 1.5 acres and has an estimated gross development value of over Rs 450 crore, subject to approvals, final plans, applicable regulations and market conditions. The project marks a strategic step for Marathon as it expands its presence across select Mumbai micro-markets.
The redevelopment is being planned as a relatively low-density residential project for the Versova market. The company expects this approach to allow a higher proportion of open and landscaped spaces compared to typical high-density redevelopment projects in the area, creating a more spacious and amenity-led residential environment.
Under the agreement, Sunset Spaces will manage planning, approvals, design, construction and execution of the project in line with applicable laws and the agreed terms with the society.
Marathon Group has been active in Mumbai real estate for over 56 years and has completed more than 100 projects across townships, affordable housing, luxury residences, retail spaces, small business spaces and corporate parks. The Group currently has ongoing projects at Lower Parel, Byculla and Mulund, along with land banks in Bhandup, Thane, Dombivli and Panvel.
Published by HT Digital Content Services with permission from Construction World.