### **Overview** Marathon Nextgen Realty Ltd (MNRL) is a leading, diversified real estate developer with over five decades of legacy in the Mumbai Metropolitan Region (MMR). Established under the Marathon Group—one of Mumbai’s most trusted names in real estate—MNRL has evolved into a professionally managed, publicly listed (since 1978) real estate platform. The company specializes in **luxury residential, affordable housing, large-scale townships, commercial offices, and retail developments**, leveraging its **asset-light business model**, **in-house capabilities**, and strategic landbank in high-growth micro-markets. With a track record of delivering **over 100 projects** and housing **more than 10,000 families**, MNRL continues to scale through innovation, disciplined execution, and capital efficiency. The company is currently undergoing a transformative phase, bolstered by a recent **₹900 crore Qualified Institutional Placement (QIP)**, a **planned merger of promoter-held land assets**, and a robust pipeline across key MMR markets. --- ### **Strategic Initiatives (Nov 2025 Updates)** - **Monetization Strategy**: MNRL is actively monetizing its land portfolio through **self-development, joint ventures (JVs), and joint development agreements (JDAs)**. It leverages favorable government policies—particularly Slum Rehabilitation Authority (SRA) and RERA—to drive faster project launches and maximize margins. The asset-light JDA model minimizes capital intensity while enabling value creation from the **promoter group’s 400+ acre landbank**. - **Capital Raise (₹900 Crores QIP)**: In June 2025, MNRL raised **₹900 crores** from domestic and global institutional investors. The funds are being deployed to: - Accelerate new project launches - Acquire strategic land parcels - Reduce debt - Participate in redevelopment and asset-light opportunities in Mumbai This strengthens MNRL’s **net-debt-free balance sheet** (debt-to-equity ratio of **0.46x**) and enhances financial flexibility. --- ### **Project Portfolio & Development Updates (Nov 2025)** #### **1. Nexzone Township – Panvel (91% owned)** - **Phase 3 Launch – "Nirvana Collection"**: - 4.9 lakh sq. ft. RERA carpet area - 4 premium residential towers - 70,000 sq. ft. amenity zone + curated retail - GDV: **₹600 crores** - Strategic location with access to: - Navi Mumbai International Airport (NMIA) - Mumbai Trans Harbour Link (Atal Setu) - Metro connectivity (Lines 4 & 12) - **Over 3,500 homes sold**, ~2,500 delivered; 1,000 under construction - Property prices have appreciated **40–50% over five years**, yet remain below other MMR suburbs, offering value growth potential. #### **2. Neo Series – Bhandup (100% owned)** - **NeoHomes Brand Launch**: 2.2 lakh sq. ft. residential space, GDV **₹370 crores** - Projects include **NeoPark, NeoSquare, and NeoValley** (Phases Kaveri & Narmada): - 1 BHK, 2 BHK, and studio apartments - Targeted at first-time homebuyers (price range: ₹40–80 lakhs) - **700+ NeoHomes units already delivered** - **NeoSquare now OC-ready**; construction on NeoValley ranges from plinth to 22nd floor - Key demand drivers: - Goregaon-Mulund Link Road - Upcoming **Shangrila Metro Station** - Rising social infrastructure (retail, education, healthcare) #### **3. Lower Parel – Futurex (100% owned)** - Grade A commercial high-rise with flexible office spaces (800–200,000 sq. ft.) - OC received up to **38th floor** - Home to marquee tenants: **Zee, L'Oréal, Nykaa, CDSL, SBI Capital, HPCL** - Strong sales momentum with increasing realizations - Monetization phase underway post-completion #### **4. Monte South – Byculla (40% owned | JV with Adani Realty)** - 12.2-acre site; 4 residential towers (64-storey), 1 commercial tower - Tower A: OC received up to 64th floor - Tower B: Partial OC issued; Tower C: construction underway - **Monte South Commercial (Proposed JV)**: - 7.5 lakh sq. ft. of Grade A office and retail - GDV: ₹3,400 crores - Designed as a “walk-to-work” ecosystem for 1,800+ high-net-worth residents - Aims to set a new benchmark for South Mumbai commercial real estate #### **5. Other Key Projects** - **Millennium (Mulund)**: 100% owned; commercial office on LBS Road, OC up to 20th floor - **NeoPark/NeoSquare (Bhandup)**: 100% owned; ₹868 crores total revenue potential - **NeoValley (Bhandup)**: 90% owned; ₹2,149 crores revenue potential --- ### **Land Bank & Development Pipeline** - **Promoter Group Landbank**: **Over 418 acres** in key micro-markets: - **Panvel**: 205 acres - **Bhandup**: 130 acres - **Dombivli**: 83 acres - **Post-Merger Consolidation**: Planned merger will bring all promoter-held land under MNRL, enhancing scalability and visibility. - **Upcoming Launches (Est. Total GDV: ₹8,230–8,250 crores | MNRL Share: ₹5,245 crores)**: - **Monte South Phase 3 (Byculla)** – ₹4,975 crores - **Nexzone Phase 3 (Panvel)** – ₹600–640 crores - **NeoPark & NeoValley Phases 3–5 (Bhandup)** – ₹1,408 crores - **Monte South Commercial (Byculla)** – ₹3,400 crores --- ### **Financial & Operational Strength** | **Metric** | **Status (Nov 2025)** | |-----------|------------------------| | **Net Debt-to-Equity Ratio** | **0.46x** (conservative) | | **Cash Position** | Net debt-free; strong collections (₹430 crores H1 FY26) | | **H1 FY26 Performance** | 143,600 sq. ft. sales (12% YoY growth); ₹349 crores booking | | **Unsold GDV (MNRL Share)** | ₹6,636 crores | | **Land Under Development** | 4 million sq. ft. | | **Homes in Pipeline** | >15,000 units | --- ### **Strategic Positioning & Competitive Edge** #### **1. Diversified Portfolio Across Segments** - **Affordable Housing (Neo Series)** - **Mid- to Luxury Residential (Monte Series)** - **Integrated Townships (Nex Series)** - **Commercial (Futurex, Millennium, Monte South Commercial)** - This balance mitigates cycle risks and ensures diverse, sustainable revenue streams. #### **2. In-House Capabilities (End-to-End Control)** - **Design & Engineering**: Uses advanced CAD, BIM (Revit), VR, AR, 3D simulations - **Construction Excellence**: - Formwork: MIVAN, Kumkang, PERI - Slab cycles: as fast as **40 hours** - On-site batching plants + material testing labs - **In-House Team**: 600+ professionals across design, engineering, legal, marketing, and sales #### **3. PropTech & Sales Innovation** - Custom **Zoho CRM platform** with WhatsApp alerts and digital analytics - **250+ channel partners** supported by VR/AR and touchscreen tools - Over **50% sell-through within 12 months** of launch (e.g., Nexzone Cedar, NeoValley Narmada) #### **4. Brand Architecture & Marketing** - **Monte**: Luxury - **Nex**: Townships - **Neo**: Affordable - **Futurex/Millennium**: Commercial - Campaigns like “Boundless Possibilities” (Monte), “Oasis Homes” (Nex) tailor messaging for each segment. --- ### **Future Focus Areas** 1. **REIT/Mini REIT Exploration**: Monetize leased commercial assets (e.g., Futurex, Millennium) 2. **New Asset Classes**: Data centers, warehousing, rental housing 3. **Slum Redevelopment Leadership**: 100+ acres SRA landbank in Bhandup; 240M+ sq. ft. potential 4. **JDA-Driven Growth**: Maximize scale and return with minimal capital deployment 5. **Sustainability & Innovation**: Sustainable design, green buildings, solar envelope analysis ---