The project comprises the redevelopment of an existing residential society situated on land admeasuring approximately 1.5 acres, with an estimated gross development value of over Rs 450 crore, subject to receipt of requisite approvals, final plans, applicable regulations and market conditions.

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 compared with typical high-density redevelopment projects in the area.

Under the terms of the agreement, Sunset Spaces will undertake the planning, approvals, design, construction and execution of the redevelopment project in accordance with applicable laws, regulations and the mutually agreed terms with the society.

Marathon NextGen Realty has completed over 100 projects in Mumai, with a portfolio encompassing townships, affordable housing, luxury residential, retail, small business spaces, and corporate parks. The Group has ongoing projects at Lower Parel, Byculla, Mulund, and land banks at Bhandup, Thane, Dombivli and Panvel.

The company had reported 16.14% decline in consolidated net profit to Rs 44.70 crore on a 23.58% fall in revenue to Rs 113.55 crore in Q4 FY26 over Q4 FY25.