Citadel Realty and Developers Limited, formerly known as Rohit Pulp & Paper Mills Limited and a unit of the Marathon Group, was established on July 26, 1960. The company's primary focus lies in the construction, development, and sale of residential real estate projects. It is currently involved in a Slum Rehabilitation Project sanctioned by the Slum Rehabilitation Authority to revitalize a slum in Bhandup, located in the eastern suburbs of Mumbai. Additionally, the company is engaged in a joint venture with Shree Swami Smarth Builders for a project in Bhandup.
In its diversification efforts, the company ventured into the manufacture of secondary lead and alloys, establishing a metal division in Daman. Notably, it pioneered technology for producing bleached varieties of printing and writing paper from rice straw and agricultural waste, contributing to the conservation of precious forest resources.
Acknowledged for its excellence in energy conservation, the company received the National Energy Conservation Award for three consecutive years from the IBPL Urja Energy Conservation Board and has been commended by the Government of India. Modernization and expansion efforts have enabled the company to utilize bagasse as an alternative raw material and generate electricity through wind turbine generators.
However, the company faced financial challenges, leading to accumulated losses surpassing its net worth. Consequently, it sought rehabilitation through the BIFR, with plans for amalgamation with Marathon Realty Ltd., although technicalities hindered the completion of this scheme. Despite setbacks, the Marathon Group acquired the holding of the previous promoters, effectively taking control of the company in 2008.
The completion of the first phase of the Slum Rehabilitation Project in Bhandup marked a significant milestone, with new houses delivered to the authorities. By 2014, approximately 18% of the construction activities for the initial phase had been accomplished. In 2019-20, the company ceased to be a subsidiary of Marathon Realty Pvt. Ltd., effective September 28, 2019.
In its diversification efforts, the company ventured into the manufacture of secondary lead and alloys, establishing a metal division in Daman. Notably, it pioneered technology for producing bleached varieties of printing and writing paper from rice straw and agricultural waste, contributing to the conservation of precious forest resources.
Acknowledged for its excellence in energy conservation, the company received the National Energy Conservation Award for three consecutive years from the IBPL Urja Energy Conservation Board and has been commended by the Government of India. Modernization and expansion efforts have enabled the company to utilize bagasse as an alternative raw material and generate electricity through wind turbine generators.
However, the company faced financial challenges, leading to accumulated losses surpassing its net worth. Consequently, it sought rehabilitation through the BIFR, with plans for amalgamation with Marathon Realty Ltd., although technicalities hindered the completion of this scheme. Despite setbacks, the Marathon Group acquired the holding of the previous promoters, effectively taking control of the company in 2008.
The completion of the first phase of the Slum Rehabilitation Project in Bhandup marked a significant milestone, with new houses delivered to the authorities. By 2014, approximately 18% of the construction activities for the initial phase had been accomplished. In 2019-20, the company ceased to be a subsidiary of Marathon Realty Pvt. Ltd., effective September 28, 2019.
