Shares of Marathon Nextgen Realty Limited (MNRL) rose as much as 1.57% on Friday after the company announced that its subsidiary, Sunset Spaces Private Limited, has executed a Development Agreement for the redevelopment of a residential society in Versova, Mumbai.
The stock was trading at ₹424.85 on the NSE as of 11:19 am IST, up ₹6.55 from its previous close of ₹418.30.
MRNL Deal: All details here
In a regulatory filing, MNRL said the project involves the redevelopment of an existing residential society spread across approximately 1.5 acres, with an estimated Gross Development Value (GDV) of over ₹450 crore, subject to necessary approvals, final plans, applicable regulations and market conditions.
The agreement marks the company’s entry into society redevelopment, building on its experience in larger-format real estate development and urban renewal projects.
The company said the project is being planned as a low-density residential redevelopment for the Versova micro-market, aimed at offering a higher proportion of open and landscaped space compared with typical high-density redevelopment projects in the area.
Under the agreement, Sunset Spaces will handle planning, approvals, design, construction and execution of the project in line with applicable laws and terms agreed with the society.
Management commentary
Commenting on the development, Parmeet Shah, Director, Sunset Spaces Private Limited, said “I am excited to announce Marathon’s foray into society redevelopment through this project in Versova.” He added that the deal is intended as the first step of a broader strategy, noting the company plans to build a society redevelopment platform across select Mumbai micro-markets, with the objective of strategically expanding the reach of the Marathon brand.
Stock performance
MNRL shares touched an intraday high of ₹436.40 against an open of ₹420.90, and have a 52-week range of ₹368.30–769.45. The company’s market capitalisation stood at ₹2.86 thousand crore, with a P/E ratio of 13.89.
