Marathon Futurex Lower Parel Is the Preferred Destination for MNC’s India HQs With Kansai Nerolac Recently Acquiring Space for Rs. 85 Cr
Last Updated on, October 6th, 2022
Japanese Kansai Nerolac Paints has acquired the entire 28th floor measuring 35,000 sqft at Marathon Group’s flagship project at Lower Parel, Marathon Futurex, for setting up its India Headquarters in a deal worth Rs. 85 Cr
The Kansai Nerolac deal is one of several large ticket transactions that have happened at Marathon Futurex in the last few years, with Essel Group having purchased 2.2 lac sqft in a deal worth Rs. 400 Cr, IDBI Federal Life Insurance inking a deal worth Rs 111 Cr, and HPCL purchasing space worth Rs. 120 Cr. Marathon Futurex has emerged as a preferred destination for MNC’s looking to set up their India Headquarters and is host to marquee names like L’Oreal, Diageo, Thomas Cook, and also large Indian companies like Zee, SBI Capital, and more.
Marathon Futurex is being developed in phases, with the Occupation Certificate received up to the 31st floor. The project has over 10 lakh sqft of operational spaces already, and 14 lakh sqft of total potential. Approximately 7000 office-goers work at Futurex. At a proposed height of 38 storeys, Futurex will be one of the tallest commercial projects in the country once completed. The project enjoys great connectivity – the monorail station, the western line railway station, and the central line railway station are all just a minute’s walk from the project.
“Amongst the key decision factors for the Kansai Nerolac team was the excellent connectivity the project enjoys, with easy access to public transport hubs and also via road to the Eastern and Western Express highways as well as to Navi Mumbai. The connectivity makes it easier to attract and retain talent from all over the city. The large columnless floor spans which result in higher efficiency and uninterrupted sea views were also a differentiating factor.” said Mr. Samyag Shah, Director, Marathon Group
Commercial real estate boom
The deal comes at a time when large commercial real estate transactions are gaining momentum again post the pandemic slump, with more organizations now returning to offices.
“In the last 18 months , we’ve clocked a revenue of over Rs. 200 Cr at Marathon Futurex. The demand for Grade A offices spaces remains robust”, says Mr. Samyag Shah
As per property consultants JLL’s recent research, the commercial market in Mumbai has seen a resurgence in the second half of the year, with over 30lac sqft of leasing absorption in the second of 2021, after a muted first half which saw absorption of 8lac sqft.
About Marathon Group –
Marathon Group is a 52-year-old Mumbai-based real estate development company that has completed over 80 projects in the city. The group is proud to have provided homes for more than 5,000 families, retail space for 400 retailers and offices for 350 businesses.
Marathon is currently building several townships in the fastest growing neighborhoods, affordable housing projects, ultra-luxury skyscrapers, standalone towers, small offices and large business centers, with projects spread across the Mumbai Metropolitan Region (MMR), with over 18mn sqft of land currently under development, and a plan to deliver more than 15000 homes in the next 5 years.