Tag Archives: Mumbai market

Real(ty) reasons in Mumbai to feel excited in 2016

Posted on by Track2Realty

By: Ravi Sinha

Track2Realty Exclusive

Marathon Group, Indian real estate news, Indian realty news, India property news, Mumbai market, Track2Realty, Track2MediaTo say that the year 2015 has not been very excisiting for the real estate market across the Mumbai Metropolitan Region (MMR) would be stating the obvious. The slowdown in the macro-economy, wait & watch by the homebuyers in the property market, relatively higher cost of borrowing till late and fate of reforms oriented policies hanging in uncertainty all collectively dampenend the property market in India’s financial capital. Will the year 2016 be any different?

There are multiple of reasons that suggest the year 2016 is poised to come with lot more optimism. It is not just an optimism on the eve of the new year but the geround realities also suggest everyone has valid reasons to feel excited for the property market in the year ahead. Among the many reasons four stand out as the key catalyts that promise to revive the property market in general and the housing market in partiucular across the MMR.

First and foremost the new DCR (Development Control Regulations) that is on the cards promises to be quite development friendly. New DCR itself promises to redefine the skylines of Mumbai. Secondly, from ther homebuyers’ point of view the interest rate has gone down in recent months and indicates to go down further low. This is added by lower inflation and better job market across the city. Thirdly, the decks have been cleared for the formation of a real estate regulator by the Union Cabinet which is a comfoting factor for the apprehensive homebuyers. And, last but not the least, the market is poised as an equal opportunity market for both the homebuyers and the developers at the moment. Probably the Mumbai property market never had as many ready-to-move-in options as is now.

Developers also confirm this change in outlook and change in sales velocity. Manju Yagnik, Vice Chirperson of Nahar Group agerees that the last quarter has seen an overall increase in demand by 28 per cent over the same period in previous year. This was due to various schemes and offers floated by the developers during festival season. The industry, even during the rough phase, has seen demand for homes at the right place with right price point. The demand & supply scenario in the city indicates better absorption ahead.

“In terms of the promising locations, I feel in 2016 Eastern Suburbs in Mumbai will see a surge in activity in real estate with offerings across segment. This area is developing fast and has good connectivity to WEH, MIDC & SEEPZ via JVLR, BKC via SCLR. Also, there are ample of land parcels being considered for development here for Metro connectivity and affordable housing,” says Yagnik.

Sandeep Ahuja, CEO of Richa Realty believes the passage of real estate bill will boost the sentiments of the consumer and create a confidence amongst the homebuyer and investment community. The cabinet’s approval will  witness a cheer from the developers’ community too which will eventually have positive impact in 2016.  In the next financial year, he foresees emergence of affordable luxury segment across metropolitan cities which will cater to needs of middle and higher middle class. Mumbai, of course, will be the demand driver of the segment.

“The customers of affordable luxury have been sitting on the fence for a long time in expectation of a price correction. However, this set of homebuyers has realized that whatever price correction was to happen has happened and now if someone needs to purchase a house for end use, he must do it now. As a trend, affordable luxury will be a game changer as these houses meet both the affordability and luxury quotient desired by the new-age homebuyers. These projects would be mostly strategically located with  small size houses with good amenities falling in the price band of Rs. 70 lakh to Rs. 1 crore,” says Ahuja.

In terms of hot locations, it is believed that locations like Andheri (E), Chandivali, and Eastern Suburbs starting from Vikhroli to Thane has a lot of attractive opportunities for potential homebuyers in each and every segment of housing. There are on-going and upcoming projects from some of the reputed developers. Navi Mumbai will also emerge as an investment hotspot  as it is set to be the Smart City close to Mumbai.  For low-ticket entry the homebuyers can also explore areas like Karjat.

However, everyone within the built environment of Mumbai real estate is bullish on Thane market and beyond Thane areas, due to and ever-improving social and physical infrastructure.

The outlook on the amenities in and around a housing project has also seen change in preference across the Mumbai region, of late. Existing amenities and infrastructure like an international school, a medical centre, a business centre, a supermarket, shopping plaza and restaurants to take care of more than 70 per cent of homebuyers’ needs in a day to day life is a taken reality today. So is swimming pool, health club, gym within the project that adds to the quality of lifestyle and improves social standing.

However, in 2016 once the proposal for Smart Cities is approved by the government, large format townships will get a boost. These will be more of a self-sustained city within a city and Navi Mumbai might add to its attraction quotient. Of course, the effect of this would be felt across the MMR region as the homebuyers expectations and aspirations will go further up.

The homebuyers’ aspiration level has anyway gone up in recent times and many developers nowadays are open to customize the housing units for them even in the affordable housing to give them a sense of luxury. That is emerging as a new trend on the eve of 2016 in Mumbai.

Tech savy smart homes with community wifi in the project is another ‘In Thing’ in Mumbai property market on the eve of 2016. In a nutshell, the year 2016 will see some paradigm shift in the project offerings to give the homebuyers a holistic experience. Collectively, all these emerging trends and improving macro-economic outlook with some key changes on the cards in the overall eco system of real estate indicates that 2016 would be the year to watch out for in the property market of the city.

 Hits of the year

  • Interest rates are down
  • Property prices have bottomed out
  • Inflation on the lower side by the end of the year
  • Better job market indicating better purchase power of homebuyers
  • Customisation of apartments no longer prerogative of only luxury homebuyers

Misses of the year

  • Low absorption of housing stock across MMR
  • Inventory overhang across Mumbai
  • Lesser new launches in 2015
  • Very slow pace of price appreciation

2016 bonanza

  • New Development Control Regulations (DCR) expected to be development firendly
  • Decks cleared for the formation of a real estate regulator
  • Large format townships to emerge once smart city plan is finalised
  • Ready to move in apartments available in the market

Triple comfort in Mumbai market bring buyers back

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Marathon Group, Indian real estate news, Indian realty news, India property news, Mumbai market, Track2Realty, Track2MediaTrack2Realty Exclusive: To say that the home buyers are coming back to the Mumbai market during the festival season would be stating the obvious. The sentiments driven real estate purchase is already visible with the reported marginal price appreciation of residential real estate across the city. The reports of price appreciation do not just reflect the price trend of the city property market; it does indicate a much larger picture where the recovery of economy and sentiments are all driving the market simultaneously.

It is hence expected that the festive season would be the real turnaround time for Mumbai real estate and the transaction would be much higher than the last few years when the macro-economic outlook was bearish and the overall sentiments played the dampener for the property market in general and the housing market in particular.

The macro-economic outlook has now changed for the better in the last one quarter and what it has actually done is that it has changed the buyers’ psyche vis-à-vis their investment in general and property market in particular. It is hence no surprise to the market watchers that the buyers are anticipating triple comfort – job security, low interest and inflation in control – that could make their home purchase easier.

They have been watching the property market on the sidelines for long and feel that the time has come to invest as the market is evenly balanced for both the developers as well as the buyers now. It may not be the same in time to come once the actual change in the economic outlook is on ground with statistics.

Rakesh Sehgal, a mechanical engineer in Mumbai has zeroed in on a property in Thane. Though festive spirit is on the back of his mind, on a rational level too he feels this is probably the best time in the last 3-4 years and the market is poised to see property prices appreciate in the next two to three quarters when the growth of GDP figure will be released. As of now, the marginal price appreciation in the market is based on that optimism.

“In terms of demand and supply cycle Mumbai property market will always be under-supplied and hence price appreciation is a logical conclusion. But what forced the developers to hold the prices for long is the bearish buyers’ sentiments and that definitely is changing now. Among our peer group we have the feeling of job security now with the recovery in Indian economy, interest rates can here onwards only go downwards and the RBI has already indicated that inflation is on course of downward movement. I feel if I miss the home purchase now I may end up paying more for the same property next year,” says Sehgal.

Rakesh is not alone in Mumbai who believes that the market is best positioned for the average home buyers. It is rather interesting that the marginal price appreciation that should have ideally dampened the spirit of the home buyers has actually revived the sentiments. The home buyers have carried home the point that all the doom and gloom over the property market is over and the marginal appreciation indicates the prices will not correct or crash, as prophets of dooms day forecasted for long. It means not only the value for money now but expected appreciation ahead as well.

Analysts seem to agree with this expected and anticipated triple comfort of the home buyers. Sumit Jain, National Director, Finance & Administration with Colliers International agrees that buyers are indeed back in the market, but it is more a result of buyer optimism rather than any market movement or in terms of pricing and discounts. Buyers have realized that the sentiments in the real estate market are positive, even though the developers did not offer any major freebies or discounts on any projects this year.

“We can attribute this ‘somewhat warm property market’ sentiment to the improved source of fund, some deviation in payment mode, payment term and the overall optimism that is currently prevailing in the market. Beyond sentiment, there are some ground realities too. The year 2014 has so far seen some of the big infrastructure development happening in some parts of Mumbai. The city has also seen an improved public transportation and with good quality roads. Thus, location-specific projects are mostly gaining investors and end users’ attraction. Even though the city will not see a significant change in property prices in the near future, all these factors together suggest that this is the right time to enter the property market,” says Jain.

Hiral Sheth, Director – Marketing with Sheth Creators maintains that with buyers have played the wait and watch game for long. But the residential property sales over the year have been slowly gaining momentum now. With this gain in momentum the prices are expected to bounce strongly in the second half of this financial year. The market is improving; there has been an increase in enquiry levels and footfalls in various projects. The completion of large infrastructure projects will lead to a huge demand of real estate and indirectly assist in elating the property prices,” says Sheth.

The change in sentiments is visible among the buyers across the segment of property. For instance, even the demand for luxury property has also gone up as the developers are innovating with the offers for the customers. A handful of palatial amenities under one roof seem to be the new selling mantra of luxury projects.

The developers also have reasons to feel elated as the buyers are back in the market. Added to it, the new government also promises to ease regulation processes, speeding construction processes and put an end to hurdles in clearances and green stick over the projects. Collectively, it is a celebration time in the city property market for both the buyers as well as the real estate companies.

This raises a fundamental question as to whether it is sheer sentiments or the ground realities too indicate this is right time to enter Mumbai property market. Analysts point out that ground realities are heavily loaded in favour of market recovery and now with the change of sentiments an overall eco system of Mumbai property market has changed.

Hence, this surely is a good time to invest in the Mumbai property market. With the completion of many infrastructural projects and upcoming projects, the city and its remote areas are witnessing a transformation and witnessing a facelift. Also with the festivities around, many developers are proving their customers with many value added services. A few new launches are on the cards and some attractive freebies too will be soon rolled out. The buyers never had as much luxury of choices in the city property market and that is what is driving them to home purchase. 

Focus on delivery makes Mumbai realty realistic

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Marathon Group, Indian real estate news, Indian realty news, India property news, Mumbai market, Track2Realty, Track2MediaTrack2Realty Exclusive: Statistics often only tell half the story and in real estate this old adage is all the more true as the figure are often not the facts and ground realities may juxtapose facts with figure. For instance, a perception is gaining ground that Mumbai property has reached beyond its saturation point and the standing inventory of 48 months is being cited as the evidence.

However, a close look at the Mumbai realty suggests that even though the market, like any other part of the country is facing the effects of overall slowdown the high inventory level is not necessarily the sign of stress at the project level or with the developers’ balance sheets.

As a matter of fact, the balance sheet of some of the leading developers is showing the company has weathered the worst cycle of slowdown post 2008-10 and there is less debt and healthy growth. Even the stocks of some of these companies that had collapsed have now again started picking up.

It is easy to criticise that most of the real estate stocks are trading way below the listed price, but then the Realty Index in the last 12-18 months have actually done better than the Sensex and it reflects the crisis of confidence by the retail investors is over. They may not be booking as many properties as during the peak of realty boom, and the reasons range from macro-economy to high interest rates, but the market can not be termed as saturated by any stretch of imagination.

Analysts tracking the Mumbai property market maintain Mumbai developers have been realistic this year to have less launches and focus on delivery of existing projects. This is actually making the city market more realistic and it is not the financial constraints that have forced developers to resist new launches.

With land cost hitting the roof most of the developers are looking forward to complete the project and sell it first than launch the new project. Moreover, clearances are always an issue with the Mumbai real estate. Collectively, this may be lending credence to the prophets of doomsday but does not reflect the ground reality of property market of Mumbai.

Harjith Bubber, CEO and Managing Director, CCI Projects asserts it is definitely the need of the hour to focus on delivering the existing projects as various factors have led to delay in completion of most projects in the city. Slow permissions from authorities, shortage of labour and other unforeseen events have been the cause of the same. The market is currently risk averse and therefore it is a wise decision for developers to concentrate on delivery of projects.

“Financial constraint is not the factor that is keeping a check on new launches. Since the projects launched earlier are still underway, the developers are focusing on completing those and selling them before announcing new projects. Although reports show that there is record inventory of property in the city currently, the fact remains that the available and ready-to-possess property is still quite low. There is no inventory pile-up as such,” says Bubber.

Anshuman Magazine, CMD of CBRE, South Asia, however, says developers have been facing liquidity constraints due to high borrowing costs and slow off take of existing projects. Under such circumstances, it seems more realistic for the city’s developers to generate revenues by clearing existing inventory of projects, rather than launching new ones.

Santosh Naik, MD & CEO of Disha Direct agrees that the Mumbai developers have been realistic this year to have less launches and focus on delivery of existing projects. According to him, there are very few new launches this year as all developers are focusing on selling and completing ongoing projects. This is the right strategy in current market situation and general sentiments which are not good at all. This will help developers to generate funds to complete existing projects, deliver them at the earliest and then launch new projects.

“There are many reasons for developers to reschedule and postpone new launches. Some of them are slow down in economy, low market sentiments, delay in approvals of new projects, non availability of finance from banks due to RBI guidelines and off course major financial constraints,” says Naik.

Analysts suggest an outside view on the developments in the Mumbai property market may not give the right picture as Mumbai market is driven by two sets of buyers. In the first category are retail buyers who are actual users and then there are investors. Investor activity may have slowed down in the city but not the end-users. However, both set of buyers are confused with the reported statistics that is more misleading than guiding the buyers.

There is a good demand in Mumbai market but retail buyers feel the rates are high and correction will happen in next few months. The investors think they won’t get any appreciation at current price. So, overall situation is wait and watch for both these segments and due to this inventory has reached to a record level.

Developers on their part are more focussed on execution and delivery than new launches and this is slowly but surely creating a level playing field in Mumbai property market. Ready inventory, as a matter of fact, is going to be blessing in disguise for Mumbai market once the sentiments take ‘U’ turn, maintain analysts.

Maharashtra Government to announce Cluster Development Policy soon: Sachin Ahir

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Marathon Group, Indian real estate news, Indian realty news, India property news, Mumbai market, Track2Realty, Track2MediaTrack2Realty: Maharashtra Government will soon come out with cluster development policy. This was announced on Friday, June 27, by Sachin Ahir, Minister of State for Housing, Slum Improvement, Housing Repairs and Reconstruction, Urban Land Ceiling, Industries, Mines, Transport, Environment and Parliamentary Affairs. He was speaking at the real estate conclave organised by Confederation of Indian Industry (CII) in Mumbai.

The conclave was themed as ‘Voice of Change 2014-Building Growth Consensus for Real Estate in India’. Sachin Ahir urged the real estate industry to ensure that their supply matches demand. Addressing the conclave he said that time was right for the real estate industry to voice their opinions to facilitate the development of the industry.

Talking about the difficulties arising out of the recently introduced Land Acquisition, Rehabilitation and Resettlement Bill (LARR) 2013, Ahir said that the State Government has taken up the same with the Central Government. He added that both private and public sector organisations have been equally affected by the LARR. He also disclosed that the state government of Maharashtra will soon announce the Cluster Development Policy pertaining to the redevelopment of old buildings and complexes in Mumbai.

According to the Minister, the Real Estate Investment Trust (REIT), which is expected to be introduced shortly in India will prove to be very beneficial to developers in terms of raising funds at reasonable costs and will aid the growth of the industry.

Addressing the issue of water scarcity faced by Mumbai, the Minister said that the policy in the state regarding green building proposal will help solve the problem and that it is encouraging to see that many new townships have adopted the same. He added that extra FSI would be made available to developers going green. Talking about the grave parking problems faced by the city, he said that enforcement by law and awareness are essential to solve this issue.

Sachin Ahir released the CII-JLL report ‘Rowing The New Wave: Game-Changing Rules For Indian Real Estate’ at the session.

Anuj Puri, Chairman & Country Head, Jones Lang LaSalle said that change is good only if it is steered well in the right direction. He said that the industry has seen huge turbulence since the global financial crisis of 2009. He said that in the last 6 years there were three takeaways for the industry, the first one being shorter real estate cycles of 2-3 years in the domestic market compared to 5-6 years internationally, second, over dependence on international economies and third, oversupply situation created by short success stories in various micro-markets and various sectors created, especially commercial spaces. He expressed optimism that the strong government at the Centre will help bolster the industry’s confidence.

Speaking on the current situation of the various segments of the real estate industry, Puri said that the office sector in India was spread over 35 crore square feet across 5 metros. Of this, 5 crore square feet is vacant especially in the suburban and peripheral cities. This has resulted in a dichotomy, wherein on one hand, the rentals in central business districts are rising sharply, while those in suburban and peripheral cities are not.

Puri added that rentals have not yet touched the peak levels witnessed in 2008. He said that in the residential space, affordable housing is doing well, however, high-ticket housing projects are witnessing unsold inventories especially in cities like Mumbai and NCR. Speaking about the retail space, he said that the good malls were doing well, however, the bad malls are going empty and run the risk of not getting leased at all because they have been custom built and can’t be used for any other purpose.

Puri pointed out that delay in government approvals with respect to project launches, over-pricing, and difficulties in financing were the key issues plaguing the industry. He drew attention to the fact that currently developers are shelling out interest to the tune of 19-24 %, which is spelling difficulties them and also the end customers. He concluded by saying that ensuring governance and transparency, developing infrastructure and hinterlands and focusing on customer will go a long way in ensuring a healthy growth and development of the real estate industry in the coming years.

R Mukundan, Immediate Past Chairman, CII Western Region and Managing Director, Tata Chemicals said that the role of government is paramount to the success of the real estate industry. He said that the new government’s agenda to provide a home to every family by 2020 is a good opportunity for the industry and stressed upon the need for buyer friendly policies to boost the fortunes of the industry. He said that low-cost housing has the key to solving the problem of access to water and sanitation and hence is the solution to sickness and health problems.

Mukundan said that the private sector real estate projects for both residential and commercial spaces have seen a huge growth on the back of rising population and growing economy. He also spoke of the huge interest evinced by foreign investors in domestic real estate market. The FDI in Indian real estate accounts for 11% of the country’s total FDI inflows.

Mumbai commercial property attractive due to moderate appreciation

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Marathon Group, Indian real estate news, Indian realty news, India property news, Mumbai market, Track2Realty, Track2MediaTrack2Realty Exclusive: It was in the July last year that Rohit Arora, an NRI returned from New Jersey to settle in Mumbai and set up his consultancy business over here. Looking for an office space, he was so carried by the reports of a price correction that he preferred to defer the office acquisition, either on rent or purchase.

One year down the line, he repents his decision to go against the advice of the brokers and instead being carried by a wishful thought of correction in the commercial property of Mumbai. The rate for the same office building at Nariman Point that was on offer at Rs. 32,000 per sq feet has appreciated to Rs. 35,000 per sq feet.

“Everywhere I read commercial property is not doing well and slowdown will have its effect. But now it is appreciating at a reasonable pace which defies my understanding of economics of demand and supply,” he wonders. However, statistics often only tell half the story in property market and it misleads more often than it leads to the buyers like Rohit. A look at the commercial property rates across the major business centres of Mumbai suggest it has either appreciated in capital value or managed to hold its fort. In terms of rental appreciation most of the commercial property has reasonably appreciated, at least in the office space.

The fundamentals and the growth story in retail segment are different, yet they also reflect no sign of cooling down. Of course, there are pockets of retail spaces which are not doing well and the retailers are renegotiating the deals with some even entering into revenue sharing arrangement with the developers.

But then, these are the pockets of retail developments where either the project planning itself has been faulty or the retail spaces are over-supplied and cluttered in the same catchment area. Analysts maintain these are the pockets of spaces that often lead to research/reports suggesting Mumbai commercial property is losing its cutting edge.

If Mumbai has maintained its numero uno position as one of the world’s most expensive property markets, it is due to its being the financial capital of India. Even the economy behind giving momentum to Mumbai’s luxury residential projects has been its vibrant economic activity.

Hence, it is the commercial property of Mumbai that is the demand driver and catalytic force to sustain its positioning for all these years. The prophets of doomsday who philosophised that emerging cities will soon take over as the new financial centres are yet to respond why the corporate India still pays the highest price per sq feet in Mumbai.

A flat assessment of ROI per sq feet over the investment in commercial property may not lead to the true inherent strengths of commercial real estate in the city. The presence of stock exchange, the RBI, financial institutions, all the major corporate groups and multinational companies, added to the national and international business travellers coming to the city to do business, preferably near the CBDs (Central Business Districts) is something that is a traction point beyond mere ROI or sale-purchase statistics.

A section of analysts believe since the very definition of the CBD is changing in Mumbai, with traditional destinations like Nariman Point losing a bit to emerging destinations like BKC, it often gives lending credence to the conspiracy theory of red hot commercial property of Mumbai softening up. However, global experience suggests cities that are growth engines of economy go through this phase where emerging businesses move from CBDs to the SBDs (Secondary Business Districts) or the PBDs (Periphery Business Districts). Mumbai is no exception and the strengths and potential of its commercial property can not be analysed with selective use of such data.

In a city where the international retailers such as Zara, Marks & Spencer’s and VeroModa continue with their expansion plans and opened new outlets reflecting greater confidence in the long term growth opportunities available, the market can’t be termed as subdued. A DTZ report confirms that Mumbai and Chennai are the only cities to witness new supply in Q2 2013, increasing national stock by 2% to 62.9 million sq ft of Grade A retail space.

As per a Cushman & Wakefield report main-street locations in Mumbai  like Colaba and Borivali LT Road witnessed healthy enquiries in H1 ‘13, especially from the F&B segment during this quarter. Limited availability of quality retail space coupled with higher demand for retail space in malls at Lower Parel and Vashi resulted in mall rentals appreciating by 4% and 17.6% respectively over the last quarter. Despite the low availability, limited churn resulted in stable rentals across all mall locations in the city.

“A new shopping mall measuring 940,000 sq feet became operational in Thane during this quarter with almost 98% occupancy. The overall mall vacancy in Mumbai declined marginally to 15.1% at the end of the second quarter. Mall rentals in Lower Parel may witness an increase in the next quarter due to low vacancy levels and healthy demand scenario. Main street rentals on Linking Road are under pressure due to high vacancy while rents in Borivali and Vashi may appreciate due to increased demand from retailers for these suburban locations,” says Sanjay Dutt, Executive Managing Director, South Asia Cushman & Wakefield.

Agreeing that Mumbai commercial still stands as the red hot property Lalit Kumar Jain, CREDAI Chairman says being the financial hub it should do much better. He asserts at one point of time it was the financial hub of Asia and today it may have lost that stature, still it is the centre of all banking and financial transactions. GDP growth rate of Mumbai is much higher than the rest of the country and in fact higher than many cities taken together. And now that rentals have rationalised the cost of business is very reasonable.

“Government should encourage more commercial buildings. For example, in Singapore when the commercial rentals went up to 15% the government released more land as commercial real estate supply is directly impacts economic growth. In Mumbai, with limited supply of commercial space the rentals are yet rationalised if you look it from its peak of 2007. One can still get office space at Rs. 100 per sq feet in Parel or Goregaon which is quite reasonable. The capital appreciation may not be much now, holds very high promise for long term. Once REIT comes into play, Mumbai commercial realty will see its glory back,” says Jain.

With most of the big-ticket investments, financial transactions and brands still coming to Mumbai, the demand for commercial property in Mumbai will always remain on the upswing. The cycle of economic doom and gloom can only reduce the pace and volume and definitely not the preference of the city worth doing business. So, the capital and rental appreciation of Mumbai commercial property may be moderate by its own standards, encouraging prophets of doomsday to create conspiracy theory, but the potential and future promises to be unlimited.

Marathon Group launches NEX Homes in Dombivli East, Mumbai

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Marathon Group, Indian real estate news, Indian realty news, India property news, Mumbai market, Track2Realty, Track2MediaTrack2Realty: Marathon Group has launched Marathon Nextown, a township project in Dombivli East, Mumbai that is conceptualised on its brand titled ‘NEX (Next generation Eco-friendly Xtra utility homes)’. With this project, the group claims to fulfill the dream of every modern buyer who aspires to have a spacious home with all the premium amenities and facilities and provides value to the money of the young home buyer.

NEX range of townships is the manifestation of Marathon Group’s endeavour to offer to the modern buyer with new age residential spaces complete with modern amenities and facilities and yet provide value for their money.

Just as ‘NEX’ homes by the group include strategically located eco friendly homes with large space and designed in a smart way to make optimum utilization of every available space, the project Marathon Nextown also offers apartments on these lines. Spread on an area of 14 acresof land, the project comprises 24 towers of 12 floors.

Each tower is equipped with 1 BHK and 2 BHK flats that are designed intelligently to provide maximum space for use and have been built with state of the art technology.  The highlighting part of this project is its strategic location along Pune National highway number 4 off Shil Phata. Located only 7 kms from Dombivli station, the project is at close proximity from Nilje railway station and is only 20 kms away from the fastest developing Thane city.

Commenting on the project, Mayur Shah, Managing Director, Marathon Group said, “The project has been developed by keeping in mind the needs of the modern home buyer who prefers living a modern lifestyle by investing a limited range of budget. The project located at an arterial location offers everything to enable the buyer to live a calm and peaceful life in a spacious home.”

In order to break the clutter of routine design of homes, the project includes some innovative features such as provision of two bathrooms in one BHK flats. Along with ample storage space within the flat, each flat has designated cupboard spaces, devotional areas and dry balconies. 

Expansive landscape, cricket pitch, senior citizens corner, jogging track, health zone, community hall, indoor games, amphitheatre, gymnasium, club house with swimming pool, are some of the premium amenities provided in the project. Along with an array of amenities and facilities, the project is also equipped with green features such as provision of rain water harvesting, sewage treatment plant and vast open spaces. The project is in close proximity to important social infrastructure such as schools, malls, market and hospitals.  All these features of homes under the brand ‘NEX’ will enable every resident live a quality lifestyle despite staying at the peripheral region of Mumbai. Homes at Marathon Nextownmeet the aspirations of the modern buyer and enable the home buyer to live a sophisticated lifestyle under a modern home.

The selection of the suburb has also been done after a deep contemplation and understanding the future prospects of this suburb. Dombivli has witnessed a tremendous boost in terms of real estate in past few years. The prime reason for this rise is the massive improvement in infrastructure and easy availability of vast land space for construction purpose at prices cheaper than any other developing suburb. The suburb is closely located to Thane city and arterial roads such as Shil Kalyan Road, a major state highway.