PNN

Mumbai (Maharashtra) [India], August 5: Marathon Nextgen Realty Limited ('MNRL' or 'the Company') has announced that its subsidiary, Sunset Spaces Private Limited ('Sunset Spaces'), entered into a Joint Development Agreement for a cluster redevelopment project in Sewri, Mumbai. The proposed development will comprise a high-rise residential tower with high-street retail spaces.

The project is situated on a land parcel admeasuring approximately 7,500 square metres and has an estimated Gross Development Value (GDV) of approximately 450 crore for MNRL. The development potential and estimated GDV are subject to receipt of the requisite statutory approvals, finalisation of development plans, applicable regulations and prevailing market conditions.

Commenting on the development, Mr. Parmeet Shah, Director, Sunset Spaces Private Limited, said: 'We are pleased to announce our entry into Sewri through this joint development project. Sewri is a well-connected and strategically important South Mumbai micro-market, with major infrastructure investments significantly improving its connectivity and long-term growth potential. The project gives Marathon a strong and visible presence in a location where we have not previously operated.

Our strategy is to steadily expand the Marathon footprint across high-potential Mumbai micro-markets through carefully selected opportunities. This joint development marks our expansion into cluster redevelopment, complementing our recent entry into society redevelopment. These avenues further broaden the routes through which we can grow, while remaining disciplined about location, product quality and execution.'

Sewri is emerging as one of Mumbai's most well-connected locations. The operational Atal Setu has positioned the area as an important gateway between South Mumbai, Navi Mumbai and the wider Mumbai Metropolitan Region. The upcoming Sewri-Worli Elevated Connector is expected to substantially improve east-west connectivity by bridging Atal Setu, the Coastal Road, and the Bandra-Worli Sea Link. Beyond its excellent connectivity, Sewri offers beautiful views of Mumbai's eastern waterfront, which is often home to flocks of flamingos. The area's improving accessibility, South Mumbai location, amazing views and relative value compared with more established nearby markets strengthen Sewri's long-term appeal as a residential destination.

The project will now progress through the planning and regulatory approval process. The Company will make further disclosures regarding approvals, project timelines and other material developments in accordance with applicable laws and regulatory requirements.

About Marathon NextGen Realty Ltd.

For over 56 years now, Marathon Group has been helping shape Mumbai's skyline. Founded in 1969 by Ramniklal Zaverbhai Shah, the Group has completed over 100 projects in the city with a portfolio encompassing townships, affordable housing, luxury residential, retail, small business spaces, and corporate parks. Marathon is design-driven and engineering-focused with a leadership team comprising of technocrats. Mr. Chetan Shah, Chairman & Mr. Mayur Shah, Vice-Chairman, have completed their engineering from US and the third generation of the company comprising of the three heads of project -Mr. Kaivalya Shah, Mr. Parmeet Shah, and Mr. Samyag Shah are highly qualified having completed their education from US and bring years of real estate experience. Marathon has strong in-house capabilities in design, engineering, execution, marketing, and sales and prides itself on its transparency, customer-centricity and is among one of the most trusted Developers. The Group has ongoing projects at Lower Parel, Byculla, Mulund, and land banks at Bhandup, Thane, Dombivli and Panvel.

More information is available at https://www.marathonnextgen.com/

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