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Marathon Nextgen Realty has signed a redevelopment agreement for a project in Versova, Mumbai, with an estimated gross development value (GDV) of more than INR 4.50 billion. The project adds to the company's redevelopment portfolio in Mumbai, where developers are increasingly focusing on redevelopment opportunities due to limited availability of vacant land. The announcement comes after Marathon expanded its project pipeline through acquisitions and partnerships in recent months. The proposed development is expected to strengthen the company's presence in Mumbai's western suburbs, subject to the necessary statutory approvals.
Marathon Nextgen Realty Ltd has announced that it has entered into a redevelopment agreement for a project in Versova, Mumbai. According to the company's regulatory filing, the proposed project has an estimated gross development value (GDV) of more than INR 4.50 billion.
The company has not disclosed additional details regarding the size of the land parcel, the number of residential units, project configuration, or the expected timeline for construction and completion. The redevelopment will be undertaken in one of Mumbai's established residential micro-markets, where redevelopment continues to remain a key source of new housing supply because of the city's limited availability of developable land.
The latest announcement further expands Marathon Nextgen Realty's redevelopment portfolio. In recent months, the company has been actively strengthening its project pipeline through acquisitions and strategic partnerships. Earlier this year, its wholly owned subsidiary acquired controlling interests in three real estate entities in Kanjurmarg, unlocking projects with a combined estimated GDV of over INR 8.40 billion.
Redevelopment activity has been gaining momentum across Mumbai, particularly in established suburbs such as Andheri, Versova and nearby locations. Industry reports indicate that nearly 70 redevelopment agreements were signed across Mumbai during the first quarter of 2026, reflecting the increasing importance of redevelopment projects in meeting the city's housing demand and urban renewal requirements.
Source Reuters
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