Marathon Nextgen to acquire Adani's stake in Mumbai's Monte South

The Board of Directors of Marathon Nextgen Realty (MNRL) has approved the acquisition of Adani Group’s 60 per cent stake in Monte South in Byculla for approximately ₹335 crore.

Monte South is a mixed-use development comprising four 64-storey residential towers and a commercial tower, together representing approximately 25 lakh sq. ft. of area. The project includes completed residences, ongoing construction and future development across its residential and commercial components.

The mill land redevelopment project is one of the real estate company’s projects in South Mumbai, apart from Marathon Era, Marathon Innova and Marathon Futurex in Lower Parel. “Pre-sales of ₹391 crore, reflects strong demand for luxury residences amid constrained supply at prime South Mumbai addresses,” the company had said in its annual report.

Upon completion of the transaction, Marathon will have full ownership and control of the development. The payment involves acquring Swayam Realtors and Traders LLP for upto ₹135 crore (in cash) and a bank guarantee of ₹200 crore totaling upto ₹335 crore.