Marathon’s ₹335 crore deal would lift unsold GDV to ₹6,500 crore

Marathon Nextgen Realty Limited said its proposed ₹335 crore purchase of Adani Realty’s 60% stake in Monte South, Byculla, would raise its ownership from 40% to 100% and lift its share of the project’s estimated unsold gross development value, or GDV, from about ₹2,600 crore to about ₹6,500 crore.

What is Marathon paying for full Monte South ownership?

Marathon is proposing to pay ₹335 crore for Adani Realty’s 60% holding in Monte South, a residential and commercial development in Byculla, Mumbai. The consideration comprises ₹135 crore in cash and a ₹200 crore bank guarantee. Marathon held 40% of the project before the transaction and says it would hold 100% after the acquisition.

Marathon says the cash consideration will be funded through qualified institutional placement, or QIP, proceeds, while the balance is through a bank guarantee. The presentation says its ₹900 crore QIP was completed in June 2025, with ₹340 crore earmarked for debt reduction. Its disclosed debt declined from ₹542 crore in FY25 to nil in FY26 and remained nil in H1 FY27.

The transaction changes ownership of an existing project rather than adding a new development to Marathon’s portfolio. In the project synopsis, Monte South Residential has total GDV of ₹6,003 crore and Monte South Commercial has total GDV of ₹3,400 crore. The deal slide rounds the combined project value to about ₹9,400 crore.

How does the deal change Marathon’s unsold GDV?

The proposed acquisition would increase Marathon’s share of Monte South’s unsold GDV by about 2.5 times, to roughly ₹6,500 crore from roughly ₹2,600 crore. The deal presentation estimates total Monte South GDV at about ₹9,400 crore, reports sales of ₹2,781 crore already recorded and puts estimated unsold GDV at about ₹6,500 crore.

The larger share would include the project’s commercial inventory. Marathon’s post-merger project synopsis reports unsold GDV of ₹3,076 crore for Monte South Residential and ₹3,400 crore for Monte South Commercial. At the then-disclosed 40% ownership, Marathon’s respective shares of those amounts were ₹1,230 crore and ₹1,360 crore.

The presentation uses different sales measures across its summary pages. The deal slide cites ₹2,781 crore of sales already recorded, while the project synopsis reports ₹2,927 crore of sold GDV for Monte South Residential and no sold GDV for Monte South Commercial. Marathon labels the deal-page figures as estimates, while the project synopsis separately lists residential and commercial project values.

What did Monte South contribute in H1 FY27?

Monte South Residential recorded ₹108 crore of booking value and ₹114 crore of collections in H1 FY27, based on Marathon’s then 40% share. The project sold 30,000 square feet during the half year at a stated realisation of ₹36,179 per square foot, according to Marathon’s project-level H1 FY27 schedule.

The project’s ₹108 crore H1 FY27 booking value exceeded Nexzone’s ₹56 crore but was below Futurex 2’s ₹111 crore. Those results are not on the same ownership basis: Marathon held 91% of Nexzone and 100% of Futurex 2, whereas the Monte South figures were calculated using its former 40% interest.

At the merged-portfolio level, Marathon reported H1 FY27 booking value of ₹359 crore, collections of ₹348 crore and area sold of 140,000 square feet. The existing portfolio reported ₹240 crore of booking value, ₹244 crore of collections and 109,000 square feet sold. In Q2 FY27, Monte South Residential contributed ₹58 crore of booking value, ₹57 crore of collections and 16,000 square feet of area sold on the 40% share basis.

Which Monte South launches and construction milestones matter next?

The announced Monte South Commercial launch is the next disclosed sales opportunity, with 7.5 lakh square feet of total area and GDV of ₹3,400 crore. The total project synopsis records no commercial sold GDV, while listing ₹3,400 crore of commercial unsold GDV at the time of the presentation.

Marathon also identifies Monte South Residential Tower D as a future launch with 4 lakh square feet of total area and ₹1,800 crore of GDV. For the existing residential towers, Marathon reports that 9.1 lakh square feet, valued at about ₹2,927 crore, had been sold to date. Tower A had received an Occupation Certificate, Tower B had received a part Occupation Certificate with reinforced cement concrete work completed, and Tower C’s reinforced cement concrete work was completed up to the 14th floor.

The ongoing-project schedule lists Monte South Residential as 60% complete. On the earlier 40% ownership basis, it reports ₹993 crore of estimated revenue from unsold area, ₹844 crore of cost to complete and ₹184 crore of receivables. These ongoing-project measures cover the residential project stage, whereas the acquisition page presents the wider residential and commercial GDV opportunity.

How does Monte South sit within Marathon’s wider project portfolio?

Monte South was the largest project grouping in Marathon’s post-merger project synopsis, with combined GDV of about ₹9,403 crore across its ₹6,003 crore residential and ₹3,400 crore commercial components. The same portfolio table reports total GDV of ₹20,751 crore, total unsold GDV of ₹13,445 crore and Marathon’s share of unsold GDV of ₹8,554 crore before reflecting full ownership of Monte South.

Outside Byculla, the largest disclosed unsold GDV amounts were ₹2,120 crore at NeoValley in Bhandup and ₹857 crore at Nextown in Dombivli. Marathon’s share of unsold GDV at those projects was ₹2,120 crore and ₹506 crore respectively, compared with ₹1,230 crore for Monte South Residential and ₹1,360 crore for Monte South Commercial under the previous 40% ownership structure.

Marathon also disclosed two redevelopment projects with estimated GDV of ₹450 crore each in Versova and Sewri. The company said Cedar and Daffodil towers at Marathon Nexzone had received full Occupation Certificates in H1 FY27, enabling customer handovers and collections. These projects are separate from the Monte South transaction and do not alter the ₹335 crore consideration disclosed for the Adani Realty stake.

Conclusion

The proposed purchase would move Marathon from a 40% participant in Monte South to sole owner of a Byculla project with about ₹6,500 crore of estimated unsold GDV. The ₹335 crore consideration covers the remaining 60% interest, giving Marathon control of both the residential opportunity and the ₹3,400 crore commercial component.

What to watch next is the announced launch of Monte South Commercial, the future launch of Residential Tower D with ₹1,800 crore of GDV, and construction progress at Towers B and C. Marathon does not disclose an expected completion date for the acquisition in the presentation, leaving the timing of the ownership transfer and subsequent 100% project reporting unresolved.