Marathon Nextgen Realty Unveils ₹600 Crore Panvel Residential Project
Filing Summary
Marathon Nextgen Realty Limited has announced the launch of a new residential development in Panvel, valued at over ₹600 Crore. The project, named The Nirvana Collection, is part of the Marathon Nexzone township and spans approximately 3 acres. It includes four 28-storey towers with a mix of 2BHK, 3BHK, and select 4BHK homes, along with retail and amenity spaces. The development is positioned to leverage Panvel’s growing infrastructure, including the Navi Mumbai International Airport and the Mumbai Trans Harbour Link. The project is also proposed to be a Silver Rated Pre-Certified Green Building.
Marathon Nextgen Realty Limited has launched a new residential development in Panvel, titled The Nirvana Collection. This project is part of the Marathon Nexzone township and is valued at over ₹600 Crore. The development covers approximately 3 acres and features an estimated RERA Carpet Area of around 4.90 lakh sq.ft. It includes four towers, each with 28 storeys, offering a variety of 2BHK, 3BHK, and select 4BHK homes. The project also includes two retail floors and four parking levels.
The financial scope of the project is significant, with an estimated Gross Development Value exceeding ₹600 Crore. The development aims to provide a comprehensive living experience with a 70,000 sq. ft. stilt-level amenity zone. This area includes a swimming pool with a waterfall and jacuzzi, a fitness centre, yoga and meditation zones, multi-purpose lawns, a pet zone, children’s play areas, co-working spaces, and indoor gaming zones. Additionally, a two-storey high-street retail promenade of approximately 70,000 square feet RERA Carpet Area will offer essential and lifestyle conveniences.
The operational scope of The Nirvana Collection is extensive, focusing on creating a self-sufficient residential ecosystem. The project is designed to incorporate modern amenities and sustainable features. It is proposed to be a Silver Rated Pre-Certified Green Building by the Indian Green Building Council. The development will include solar panels for common areas, EV charging stations, water-efficient plumbing, recycling systems, and energy-saving technologies to promote eco-friendly living.
The launch of this project comes at a time when Panvel is experiencing significant infrastructure growth. The area is benefiting from developments such as the Atal Setu (Mumbai Trans Harbour Link), the Navi Mumbai International Airport, enhanced metro connectivity, and the Panvel-Karjat suburban railway corridor. These factors contribute to Panvel’s emergence as a strategic residential and commercial hub within the Mumbai Metropolitan Region.
The timeline for the development has not been explicitly detailed in the filing. However, the project is part of the ongoing expansion of the Marathon Nexzone township, which has already seen the sale of over 3,500 homes and the delivery of more than 2,500 homes with Occupation Certificates. Approximately 1,000 homes are currently under development across 16 towers within the township.
Marathon Nextgen Realty Limited has been a significant player in shaping Mumbai’s skyline for over 56 years. Founded in 1969 by Ramniklal Zaverbhai Shah, the company has completed over 100 projects, including townships, affordable housing, luxury residential, retail, and corporate parks. The company emphasizes design-driven and engineering-focused development, with a leadership team comprising technocrats. Marathon Nextgen Realty is known for its transparency and customer-centric approach, with ongoing projects in various Mumbai locations.