Marathon Nextgen zooms after CDSL buys office space in its project

Marathon has also launched a commercial tower in Mumbai’s Mulund and also has similar plans for Byculla in a joint venture with Adani Realty

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The share price of Marathon Nextgen Realty spiked on December 19 after the Mumbai-based realtor said that depository firm CDSL (India) Ltd bought office space in one of its projects.

CDSL acquired more than 46,000 square feet (sq ft) of carpet area on the 34th and 35th floors of the Marathon Futurex tower in Mumbai’s Lower Parel for Rs 163.16 crore, the company said in a release.

Earlier this year, Kansai Nerolac acquired 23,500 sq ft in the same building in a deal worth Rs 85 crore and filmmaker Rakesh Roshan’s firm FilmKraft purchased 10,000 sq ft for Rs 33 crore.

Nykaa, L’Oreal, Zee Entertainment, SBI Capital, IDBI Federal, Invesco and Thomas Cook are others to have bought office spaces in the building.

“A combination of several factors worked in our favour in concluding this deal,” said Mayur Shah, Managing Director, Marathon Group. “Our project’s location was a key consideration. With the Deslise Road bridge finally set to reopen, even road traffic issues will soon be eased. This enables employers to attract talent from all over the city.”

Marathon Group said it sold commercial space worth over Rs 400 crore this year alone at Marathon Futurex.

At 12.20 pm, the stock zoomed 7 percent to Rs 260.45 on BSE. However, the volume in the stock was low. The scrip has turned a multibagger this year, delivering a return of 145 percent till date.

Marathon has also launched a commercial tower in Mulund called Marathon Milennium and also has plans for a commercial tower at Byculla in a joint venture with Adani Realty.

The stock is not tracked by any analyst.