Key Development

Marathon Nextgen Realty Limited's subsidiary, Sunset Spaces Private Limited, has executed a Development Agreement for the redevelopment of a residential society located in Versova, Mumbai. This marks the company's first foray into society redevelopment projects.

Project Details

  • Location: Versova, Mumbai
  • Land Area: Approximately 1.5 acres
  • Project Type: Residential society redevelopment
  • Estimated Gross Development Value (GDV): Over ₹450 crore
  • Development Approach: Differentiated, relatively low-density residential redevelopment with higher proportion of open and landscaped spaces compared to typical high-density redevelopment projects in the area

Execution and Conditions

The project execution is subject to receipt of requisite approvals, final plans, applicable regulations, and market conditions. Sunset Spaces will undertake the planning, approvals, design, construction, and execution of the redevelopment project in accordance with applicable laws and mutually agreed terms with the society.

Strategic Rationale

According to Mr. Parmeet Shah, Director of Sunset Spaces Private Limited, this project represents "the first step in a calibrated strategy to build a society redevelopment platform across select Mumbai micro-markets." The strategy aims to strategically expand the reach of the Marathon brand and provides access to prime, well-located land parcels without significant upfront investment.

Company Background Information

The document includes background information about Marathon Group, noting it has been operating for over 56 years since its founding in 1969 by Ramniklal Zaverbhai Shah. The group has completed over 100 projects in Mumbai encompassing townships, affordable housing, luxury residential, retail, small business spaces, and corporate parks. Current leadership includes Mr. Chetan Shah (Chairman), Mr. Mayur Shah (Vice-Chairman), and third-generation leaders Mr. Kaivalya Shah, Mr. Parmeet Shah, and Mr. Samyag Shah.

Ongoing Projects and Land Bank

The group has ongoing projects at Lower Parel, Byculla, Mulund, and land banks at Bhandup, Thane, Dombivli and Panvel.

Disclaimer

The document includes standard forward-looking statements disclaimer noting that actual results may differ from expressed or implied statements due to changes in industry structure, political and economic environment, tax laws, duties, litigation, and labor relations.