Marathon Realty

The story of Marathon Realty begins not in 1969, but in 1922, when the company's patriarch Zaverbhai Shah helped create the master plan for 550 acres of the Mumbai suburb of Mulund. This foundational act of city-shaping set the stage for his son, Ramniklal Shah, to formally establish Marathon Group in 1969. Initially starting as a social enterprise, many of the first projects were not-for-profit undertakings. The company's early years were focused on developing landmark projects in Mulund, earning it the nickname 'Prince of the Suburbs'. The 1990s marked a new chapter of growth as the next generation, Ramniklal's sons Chetan and Mayur Shah, took the helm. As qualified engineers from the US, they brought new methodologies and expanded the company's footprint across Mumbai and beyond, venturing into new categories like townships and commercial IT parks. A key playbook move was identifying the potential of mill land in Lower Parel, leading to the development of the Nextgen mixed-use campus. This era saw Marathon introduce innovations like the first high-rise in Mulund and one of the first residential buildings in Mumbai with a helipad. Marathon Nextgen Realty Ltd., the group's publicly listed entity, held an IPO in 2017 to raise fresh capital for its expansion. More recently, in mid-2025, the company executed a significant strategic move, raising ₹900 crore through a Qualified Institutions Placement (QIP). This infusion of capital from institutional investors was aimed at funding growth, expanding its development pipeline, and reducing debt, positioning the company for its next phase of development in the Mumbai Metropolitan Region.