Marathon Nextgen Realty (NSE:MARATHON, BOM:503101) has launched the third phase of its township, Marathon Nexzone, in Panvel, India, according to a Wednesday filing to the Indian stock exchanges.

The new phase, named "The Nirvana Collection", has a carpet area of around 490,000 square feet and an estimated gross development value of over 6 billion Indian rupees. It comprises four towers of 28 storeys each.

The company's shares were up nearly 1% in recent trade.