Marathon Group to invest Rs 425 cr in Panvel residential project

City-based real estate player Marathon Group on Thursday said it will invest Rs 425 crore in a residential project at Panvel in the neighbouring Raigad district.

This is the second phase of its flagship township project 'Marathon Nexzone', which is spread across 26-acre in Panvel.

"We will be investing Rs 425 crore in the second phase of this project,"company's managing director Mayur Shah told reporters.

The company is looking to finance the investments through internal accruals, customer advances and construction finance.

"Our first phase has been successful where more than 2,200 apartments have been sold and more than 1,000 homes have already been delivered. This second phase will have four towers of 33 storey each with 20,000 sqft of retail space," he said.

Initially, the company will launch two towers in the second phase. The company will be offering small configurations in the second phase, which will have a mix of both 1 and 2BHK homes.

"Our ambition is to create homes with lifestyle amenities within a reasonable budget. Under the brand 'Nex', we have launched townships at Badlapur, Panvel, Dombivli, and Kalyan-Shil," he added.