Marathon to acquire Adani Realty’s 60% stake in Monte South for ₹335 crore

Marathon Nextgen Realty Ltd is set to acquire Adani Realty's 60% stake in the Monte South project in Mumbai's Byculla for around ₹335 crore, giving it complete ownership of the luxury mixed-use development.

Marathon already holds a 40% stake in the project. The proposed acquisition, which has received board approval, will take its holding to 100%, consolidating control of the development.

The project has an estimated gross development value (GDV) of around ₹9,200 crore across its residential and commercial components, according to details shared by the company. Of this, approximately ₹2,900 crore worth of residential inventory has been sold, leaving an estimated ₹6,300 crore of unsold and unlaunched potential.

The residential component accounts for around ₹5,800 crore of the total GDV. This includes ₹4,200 crore in completed and ongoing development, of which ₹2,900 crore has been sold and ₹1,300 crore remains unsold. A further ₹1,600 crore of residential development is yet to be launched.

The commercial component has an estimated GDV of ₹3,400 crore and remains entirely unlaunched.

The project, spread across more than 12 acres in Byculla West, is being developed as a mixed-use complex with four high-rise residential towers and a commercial tower. It has a development potential of around 25 lakh square feet.

Adani Realty shifts focus to larger opportunities

The proposed transaction comes as Adani Realty increasingly focuses on larger opportunities in the Mumbai Metropolitan Region (MMR). The stake sale will allow Marathon to consolidate its position in Monte South and take charge of the project's remaining development and monetisation.

Monte South is being developed in phases. Tower A, also known as Titlis, has received its full Occupation Certificate, while Tower B has received an OC up to the 45th floor. Construction of Tower C has reached the reinforced cement concrete stage up to the 35th floor, while Tower D remains unlaunched.