The event is being held under the auspices of the Athletics Federation of India with Satish Utchil and Homiyar Mistry being the technical officials sent by the Maharashtra association to conduct the race.
The men's and women's winners would get Rs 1 lakh each while the second-placed runners would take home Rs 50,000, said a spokesperson of Lavsa Corporation.
Over 700 competitors are to take part in the run that would start and end at the Lavasa International Convention Centre (LICC).
Air Marshall K S Gill - AVSM, YSM, VM (G) and his wife will be the guest of honour and Rear Admiral Anand Iyer and Mrs Iyer would be the chief guests for the race.