Sunset Space Pvt Ltd (Sunset Space), a subsidiary of Mumbai-based, listed real estate developer Marathon NextGen Realty Limited (MNRL), has signed a development agreement (DA) for the redevelopment of a housing society in Versova, Mumbai. The company is keeping an eye on ₹The project generated revenue of Rs 450 crore.
According to a company statement, this agreement marks MNRL’s entry into society redevelopment.
“The project involves redevelopment of an existing residential society situated on approximately 1.5 acres of land, the estimated gross development value (GDV) of which is more than. ₹450 crore, subject to receipt of necessary approvals, final planning, applicable regulations and market conditions, the company said in a statement issued on July 3.
According to the statement, the project is being planned as a differentiated, relatively low-density residential redevelopment for the Versova micro-market. This approach is expected to enable a higher proportion of open and landscaped spaces than typical high-density redevelopment projects in the area, creating a more spacious and amenable residential environment.
“I am excited to announce Marathon’s entry into society redevelopment through this project in Versova. This is the first step in a calibrated strategy of building a society redevelopment platform in select Mumbai micro-markets with an aim to strategically expand the reach of the Marathon brand. Society Redevelopment provides us access to prime, well-located land parcels without requiring significant upfront investment,” said Parmeet Shah, Director, Sunset Spaces Pvt Ltd.
The company said that under the terms of the agreement, Sunset Spaces will undertake the planning, approval, design, construction and execution of the redevelopment project in accordance with the applicable laws, regulations and mutually agreed terms with the Society.
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Cluster redevelopment projects are on the rise in Mumbai real estate market
The Mumbai real estate market is entering a new phase, with big corporate houses betting on cluster redevelopment projects that are unlocking some of the most valuable land parcels in the city. Examples of cluster redevelopment in the Mumbai real estate market include Motilal Nagar (Goregaon), Abhyudaya Nagar (Parel), Adarsh Nagar (Worli), Bandra Reclamation, and GTB Nagar (Sion), as well as MHADA layouts like Kamathipura. Many private housing societies also undergo cluster redevelopment.
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Last month, leading corporate houses and real estate developers Adani Realty, Lodha Developers and JSW Realty & Infrastructure, along with a consortium led by Reliance Industries Ltd (RIL), were competing for the city’s biggest cluster redevelopment projects launched by MHADA. In June 2026, Reliance 4IR Realty Development, the real estate arm of Reliance Industries, as part of a consortium, acquired the redevelopment rights of the 101-acre Juhu Lane, Gilbert Hill slum cluster in Andheri, Mumbai, marking the group’s entry into the city’s slum redevelopment sector.
Mumbai’s redevelopment market is seeing a structural shift towards larger, cluster-based projects, according to Knight Frank India data. Nearly 70 developer agreements were signed in the first 90 days of 2026, which is more than 30% of the total agreements signed in 2025. Since 2020, 1,094 societies have entered into redevelopment, opening up around 432 acres of land.
