Operational Highlights Q1 FY27

Existing Portfolio Performance:

  • Area Sold: 0.38 lakh sq.ft. (37,799 sq.ft.)
  • Booking Value (registered): ₹86 Crore
  • Collections: ₹118 Crore
  • Realization per sq.ft. (Commercial): ₹29,047
  • Realization per sq.ft. (Residential): ₹22,487

Post-Merger Portfolio Performance:

  • Area Sold: 0.46 lakh sq.ft. (46,245 sq.ft.)
  • Booking Value: ₹108 Crore
  • Collections: ₹146 Crore

Project-wise Sales Breakdown Q1 FY27:

  • Monte South: 14,140 sq.ft. sold, ₹50 Cr booking value, ₹35,361/sq.ft. realization, ₹56 Cr collections
  • Nexzone: 13,801 sq.ft. sold, ₹17 Cr booking value, ₹12,218/sq.ft. realization, ₹43 Cr collections
  • NeoPark/NeoSquare: 7,816 sq.ft. sold, ₹14 Cr booking value, ₹17,668/sq.ft. realization, ₹9 Cr collections
  • NeoValley: 481 sq.ft. sold, ₹1 Cr booking value, ₹16,985/sq.ft. realization, ₹9 Cr collections
  • Futurex (MNRL): 221 sq.ft. sold, ₹1 Cr booking value, ₹58,000/sq.ft. realization
  • Millennium: 1,340 sq.ft. sold, ₹3 Cr booking value, ₹24,272/sq.ft. realization, ₹1 Cr collections
  • Futurex 2: 3,750 sq.ft. sold, ₹17 Cr booking value, ₹46,629/sq.ft. realization, ₹25 Cr collections
  • Nextown: 4,695 sq.ft. sold, ₹4 Cr booking value, ₹9,315/sq.ft. realization, ₹3 Cr collections

Key Achievement

Execution Excellence: Achieved Full Occupancy Certificates for Cedar & Daffodil towers at Marathon Nexzone, enabling customer handovers and collections.

Portfolio Summary

Pre-Merger Portfolio (Unsold Area):

  • Total Unsold Area: 46,69,365 sq.ft.
  • MNRL Share of Unsold Area: 33,51,429 sq.ft.
  • Includes projects at Byculla (40% ownership), Panvel (91%), Bhandup (100% & 90%), Mulund (100%), Lower Parel (100%), Kanjurmarg (34%), Versova (100%), and Sewri (100%)

Post-Merger Portfolio (Development Potential):

  • Total Land: 418 acres
  • Estimated Developable Area: 4.20 Crore sq.ft.
  • Includes Dombivali (83 acres, 1.0 Cr sq.ft.), Panvel (205 acres, 1.26 Cr sq.ft.), Bhandup (130 acres, 1.75 Cr sq.ft.), Lower Parel projects (Futurex 2, Chambers, 2 Central Mumbai projects totaling 8.2 lakh sq.ft.), and Nextown Dombivali (59% ownership, ~10 lakh sq.ft.)

Ongoing Projects Status (RERA Registered)

Project Completion and Sales Status:

  • Monte South Residential (Byculla, 40%): 7,33,222 sq.ft. total area, 58% completion, 4,24,726 sq.ft. sold (₹1,417 Cr), 3,08,496 sq.ft. unsold (₹1,091 Cr estimated revenue)
  • Nexzone (Panvel, 91%): 9,23,640 sq.ft. total area, 50% completion, 3,86,938 sq.ft. sold (₹398 Cr), 5,36,702 sq.ft. unsold (₹656 Cr estimated revenue)
  • NeoPark/NeoSquare (Bhandup, 100%): 1,68,053 sq.ft. total area, 94% completion, 1,35,013 sq.ft. sold (₹218 Cr), 33,040 sq.ft. unsold (₹58 Cr estimated revenue)
  • NeoValley (Bhandup, 90%): 2,47,828 sq.ft. total area, 67% completion, 1,75,686 sq.ft. sold (₹284 Cr), 72,142 sq.ft. unsold (₹123 Cr estimated revenue)
  • Millennium (Mulund, 100%): 1,79,440 sq.ft. total area, 93% completion, 1,34,793 sq.ft. sold (₹289 Cr), 44,647 sq.ft. unsold (₹108 Cr estimated revenue)

Expected Surplus from Ongoing Projects:

  • Total MNRL Share Surplus: ₹727 Crore after completion costs
  • Includes Monte South Residential (₹385 Cr surplus), Nexzone (₹266 Cr), NeoPark/NeoSquare (₹80 Cr), NeoValley (₹118 Cr), Millennium (₹108 Cr), plus OC Ready Inventory (₹247 Cr)

Upcoming Projects

Monte South Commercial:

  • Total Area: 7.5 lakh sq.ft.
  • Gross Development Value: ₹3,400 Crore
  • Premium commercial spaces in South Mumbai

Monte South Residential Tower D:

  • Total Area: 4 lakh sq.ft.
  • Gross Development Value: ₹1,600 Crore
  • 7.8 lakh sq.ft. (~₹2,403 Cr) already sold to date
  • Construction progress: Tower A OC received, Tower B part OC with RCC completed, Tower C RCC up to 10th floor

Marathon Neo Series:

  • Total Area: 15.82 lakh sq.ft.
  • Gross Development Value: ₹2,792 Crore
  • Construction progress: NeoSquare OC received, NeoValley Kaveri Building B terrace slab completed, Building A RCC up to 9th floor, NeoValley Narmada plinth work completed, NeoPark Buildings A&B RCC up to 22nd floor, Building C RCC till 11th floor

Liquidity and Debt Profile

  • Completed ₹900 crore QIP in June 2025
  • ₹340 crores earmarked for debt reduction from QIP proceeds
  • Achieved net cash position post-QIP

Leadership Team

  • Mr. Chetan R. Shah: Chairman, B.Tech (Civil) IIT Bombay, M.S. (Structural) University of Houston, 40+ years experience
  • Mr. Mayur R. Shah: Vice Chairman, Civil Engineer, M.S. Structural Engineering, 30+ years experience, former President of MCHI - CREDAI
  • Mrs. Shailaja Shah: Director, part of promoter group
  • Next-gen leadership: Kaivalya Shah (Director, BE Structural Engineering), Parmeet Shah (Project Head, BA Economics Yale, MS Columbia), Samyag Shah (Director, BA Economics)

Corporate History

  • Established in 1978
  • Acquired Piramal Spinning & Weaving Mills Ltd through BIFR (8 acres land)
  • Rebranded as Marathon Nextgen Realty Limited in 2007
  • Major acquisitions: 5.85 acres Bhandup (2008), Sanvo Resorts Pvt Ltd - 25 acres Panvel (2015), Terrapolis Assets Pvt Ltd - 1 acre Mulund (2016), controlling stake in 3 real estate entities (GDV ₹840 Cr), 90% stake in Sunset Spaces Pvt Ltd

ESG Overview

  • Training programs conducted covering POSH, safety protocols and code of conduct
  • Code of Conduct applicable to all Directors, KMPs and employees
  • Whistleblower mechanism in place
  • Policies covering all nine NGRBC principles approved by Board
  • All projects registered under RERA