NSE Symbol
MARATHON
Key Development
Marathon Nextgen Realty Limited's subsidiary, Sunset Spaces Private Limited, entered into a Joint Development Agreement for a cluster redevelopment project in Sewri, Mumbai. This marks the Company's entry into both the Sewri micro-market and cluster redevelopment as a business segment.
Project Details
- Location: Sewri, Mumbai
- Land Area: Approximately 7,500 square metres
- Project Type: High-rise residential tower with high-street retail spaces
- Development Model: Cluster redevelopment
- Estimated Gross Development Value (GDV): ₹450 crore for MNRL
Conditions and Qualifications
The estimated GDV and development potential are subject to:
- Receipt of requisite statutory approvals
- Finalization of development plans
- Applicable regulations
- Prevailing market conditions
Strategic Rationale
According to Mr. Parmeet Shah, Director of Sunset Spaces Private Limited, Sewri represents a "well-connected and strategically important South Mumbai micro-market" with major infrastructure investments improving connectivity and long-term growth potential. The project provides Marathon with a strong presence in a new location and expands their development avenues beyond society redevelopment into cluster redevelopment.
Infrastructure Context
The press release highlights Sewri's emerging connectivity advantages:
- Operational Atal Setu positioning the area as a gateway between South Mumbai, Navi Mumbai and Mumbai Metropolitan Region
- Upcoming Sewri-Worli Elevated Connector expected to improve east-west connectivity by bridging Atal Setu, Coastal Road, and Bandra-Worli Sea Link
- Beautiful views of Mumbai's eastern waterfront with flamingo sightings
- Relative value compared to more established nearby markets
Next Steps
The project will progress through planning and regulatory approval processes. The Company committed to making further disclosures regarding approvals, project timelines, and other material developments in accordance with applicable laws and regulatory requirements.
Corporate Background
Marathon Group has been operating for over 56 years (founded in 1969 by Ramniklal Zaverbhai Shah) with over 100 completed projects in Mumbai. The portfolio includes townships, affordable housing, luxury residential, retail, small business spaces, and corporate parks. Current ongoing projects are at Lower Parel, Byculla, Mulund, with land banks at Bhandup, Thane, Dombivli and Panvel.
Disclaimer
The document includes forward-looking statements subject to risks including changes in industry structure, political and economic environment, tax laws, duties, litigation, and labour relations.