Marathon Nextgen Realty spurts after CDSL buys commercial space in Mumbai project

Marathon Nextgen Realty jumped 9.53% to Rs 266.60 after CDSL (India) purchased office space at Marathon Futurex, Lower Parel in a deal worth Rs 163 crore.

The Mumbai-based real estate developer said it has sold commercial space worth over Rs 400 crore this year alone at its flagship commercial project in Lower Parel - Marathon Futurex.

Central Depository Services (CDSL) (India) recently acquired an office space measuring over 46,000 sqft carpet area on the 34th and 35th floors of the tower for Rs 163.16 crore.

Earlier this year, Kansai Nerolac acquired 23,500 sqft at Futurex in a deal worth Rs. 85 crore and filmmaker Rakesh Roshan's firm FilmKraft purchased 10,000 sqft at Futurex in a deal worth Rs 33 crore.

Marathon Futurex already features some marquee names including Nykaa, LOreal, Zee, CDSL, SBI Capital, IDBI Federal, Invesco, Thomas Cook and more.

The project recently received the Occupation Certificate for floors 31 to 35, with the tower set to top out at 38 storeys, making it one of the tallest commercial towers in the country.

"A combination of several factors worked in our favor in concluding this deal. Our project's location- just a 1 minute's walk from Lower Parel station on the Western Railway line, Currey Road station on the Central Railway line, and the Lower Parel monorail station - was a key consideration. With the Deslise road bridge finally set to reopen, even road traffic issues will soon be eased. This enables employers to attract talent from all over the city," said Mayur Shah, Managing Director, Marathon Group.

On the back of improved sentiments, Marathon has also launched a commercial tower in Mulund called Marathon Milennium and also has plans for a commercial tower at Byculla in a JV with Adani Realty.

Marathon Group has completed over 80 projects in Mumbai and is currently building townships, luxury housing, affordable housing, commercial spaces, and retail spaces across the city with projects in Lower Parel, Byculla, Bhandup, Mulund, Panvel, and Dombivli.

On a consolidated basis, net profit of Marathon Nextgen Realty rose 307.22% to Rs 14.66 crore on 354.53% rise in net sales to Rs 169.95 crore in Q2 September 2022 over Q2 September 2021.

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