Marathon Nextgen Realty Limited has announced that its subsidiary, Sunset Spaces Private Limited, has entered into a Development Agreement for the redevelopment of a residential society in Versova, Mumbai. The agreement marks the company’s entry into the society redevelopment segment.
The project involves the redevelopment of an existing residential society spread across 1.5 acres. It carries an estimated gross development value and revenue potential of more than โน450 crore, subject to obtaining the necessary approvals, finalization of project plans, and compliance with applicable regulations.
The company intends to develop the project as a low-density residential redevelopment in the Versova micro-market, with a focus on offering a greater proportion of open and landscaped spaces compared to conventional high-density redevelopment projects in the locality.
As part of the agreement, Sunset Spaces Private Limited will be responsible for the planning, approvals, design, construction, and overall execution of the redevelopment. The project will be carried out in accordance with applicable laws, regulatory requirements, and the mutually agreed terms with the residential society.
The company said the project builds on its experience in real estate development and urban renewal initiatives. Commenting on the development, Parmeet Shah, Director of Sunset Spaces Private Limited, said the project represents the first step in the company’s strategy to establish a society redevelopment platform across select micro-markets, thereby expanding the brand’s presence. He added, โSociety redevelopment gives us access to prime, well-located land parcels without the need for significant upfront investment.โ
