The largest real estate developers in India shape the future of cities and define the city skyline. The choices they make impact the growth and shape of cities and have a huge impact on infrastructure as well. Leading developers also set standards of price, quality, service, and delivery in property markets.
One such leading real estate developer in India is Marathon Realty. It is a 52-year-old, Mumbai based real estate development company that has completed over 80 projects in the city and has built homes for over 10,000 families.
The company was established in 1969 and for the first couple of decades it played a key role in shaping the Mulund skyline. The company witnessed exponential growth starting from the 90’s by venturing into new locations like Lower Parel and Panvel and new categories like townships and affordable housing.
Marathon Realty’s rapid expansion continues today. It is currently building several townships in the fastest growing neighborhoods, affordable housing projects, ultra-luxury skyscrapers, small offices, and large business centers. The company’s projects are spread across the Mumbai Metropolitan Region (MMR) at locations including Mulund, Bhandup, Panvel, Dombivli, Byculla, and Lower Parel.
The Focused Frontrunner
The MD of Marathon Group, Mr. Mayur Shah has played a key role in taking Marathon Realty to new heights of success. He has played an instrumental role in the growth of the company. His vision and foresight enabled Marathon Realty to acquire large land parcels at promising locations like Panvel, Bhandup, and Dombivli at an early stage, which gave the company a huge advantage.
Under his leadership, Marathon quickly recognized the potential of mill lands undergoing redevelopment in the city and the potential of locations on the outskirts of Mumbai like Panvel, Badlapur and Dombivli. Under Mr. Shah’s leadership, Marathon has also been relentlessly design-driven and engineering-focused, with the customer and quality of product at the forefront of all its decisions. Mr. Shah is a technocrat and has pushed the envelope when it comes to technology adoption in the construction sector as well. He has also served as the Chairman of MCHI – CREDAI, the largest body of Real Estate Developers in Mumbai and MMR.
A Class Apart
Marathon Realty excels in identifying the future potential of land before the rest of the market catches on – that gives it a huge competitive edge. It was one of the first entrants in Panvel, one of the first to redevelop mill land near South Mumbai, and has also entered early into the Bhandup market, which is ripe for disruption via slub rehabilitation development.
Marathon Realty focuses on quality of construction; this also gives it a competitive edge. The projects that it has completed are a testament to its quality of work. The company is also very transparent with its customers and has built a legacy of trust – it shares fair and accurate prices, shows only product images, and does not use stock images. The company has detailed websites and shares regular project updates. Its mantra is to under-commit and over-deliver.
Tackling Challenges Efficiently
Marathon Realty has overcome a wide array of challenges in the last few decades. Some of them include the financial crisis of 2008, operational challenges posed by the advent of RERA, the new GST regime and regulatory hurdles, and most recently the crisis caused by the coronavirus.
Each time, the company has risen to the challenge and emerged stronger due to the strong leadership team, and a clear and focused strategy. Marathon Realty’s diversified portfolio ranging from affordable to ultra-luxury and commercial to retail gives it an edge when it comes to weathering storms in any particular segment. The company’s focus on operational excellence has allowed it to quickly adapt to the changes posed by RERA, GST, and new regulations.
Facing the Pandemic Bravely
Just like any other company, Marathon Realty also had to contend with the challenges imposed by the covid-19 pandemic. The immediate priority of the company during the lockdown was to provide relief and support to its labor force. Like all other developers, it also faced major challenges of labor shortage and material shortage due to supply chain disruptions. However, a lot of Marathon Realty’s labor is located in situ; hence, it was able to resume work quickly with a strong focus on completing the projects. “We managed to complete several projects and even received the Occupation Certificate for several towers during the pandemic”, said Mr. Samyag Shah, Director, Marathon Realty.
Embracing Technology for Better Outcomes
Marathon Realty has always been an early adopter of cutting-edge construction technology and has a history of firsts.
It built the first building with an elevator and the first high rise in Mulund. The company was amongst the first to adopt the revolutionary MIVAN formwork construction technology. It was the first developer in Mumbai to offer e-registration services to its clients, where clients can register their agreements from the comfort of our office.
Marathon Realty has enhanced its customer experience by utilizing chat bots, virtual tours, and virtual reality experiences. The company is constantly looking at innovating and adopting technology that improves its customer experience.
Future Footprints
Speaking about the future, team Marathon Realty states that the future looks extremely promising for the company. The company has ambitious plans to transform Bhandup into an affordable residential hub with proposed development of over 100 acres. “We have large land parcels in Thane, Bhandup, Panvel and Dombivli and our township projects will continue to grow for years to come”, asserts the management. The company also has plans to develop several large commercial projects in Mulund and South Mumbai.
