Marathon Nextgen Realty approves Rs 335 crore Monte South buyout

Marathon Nextgen Realty Limited has approved the acquisition of Adani Group’s 60% stake in Monte South for approximately Rs 335 crore. On completion, Marathon Nextgen Realty’s holding would rise from 40% to 100%, giving it sole ownership and control of the approximately 25 lakh sq. ft. mixed-use development in Byculla, Mumbai.

What has Marathon Nextgen Realty approved for Monte South?

Marathon Nextgen Realty has approved the purchase of Adani Group’s 60% interest in Monte South for approximately Rs 335 crore, according to its October 31, 2026 press release. The board approval concerns a Byculla development in which Marathon Nextgen Realty already holds 40%.

The transaction has been approved but is not described as completed in the October 31 disclosure. Marathon Nextgen Realty does not disclose a completion date, financing method, payment schedule or conditions for the approximately Rs 335 crore acquisition.

On completion, the acquisition would add 60 percentage points to Marathon Nextgen Realty’s existing 40% position. The stated result is 100% ownership and sole control of Monte South, rather than a new investment in an unrelated project.

The release says the project includes completed residences, ongoing construction and future development across residential and commercial components. Therefore, the proposed 100% holding would cover assets at several development stages within the approximately 25 lakh sq. ft. scheme.

How will Monte South ownership change after completion?

Marathon Nextgen Realty’s interest in Monte South would increase from 40% to 100% after completion of the Rs 335 crore transaction. Adani Group would exit its disclosed 60% investment in the development under the approved structure.

The comparison shows that Marathon Nextgen Realty is buying the remaining interest in an existing joint development. Its ownership would rise by 60 percentage points, while Adani Group’s stated stake would be transferred through the acquisition approved on October 31, 2026.

Marathon Nextgen Realty says sole ownership and control will follow completion. The filing does not provide a valuation for the project’s full 100% interest, nor does it divide the approximately Rs 335 crore consideration between residential, commercial, completed or future elements.

Monte South comprises four residential towers, identified as A, B, C and D, alongside a commercial tower. Marathon Nextgen Realty’s planned full ownership would consequently extend to all five stated tower components, including the commercial component that the release identifies for future monetisation.

What is the construction status of Monte South?

Monte South is an approximately 25 lakh sq. ft. mixed-use project comprising four 64-storey residential towers and one commercial tower. Marathon Nextgen Realty says the stated area includes completed homes, ongoing construction and future development rather than only completed space.

Tower A has received its full Occupation Certificate, or OC, according to the October 31, 2026 release. Among the four residential towers, Tower A is the only one for which Marathon Nextgen Realty states that a full OC has been received.

Tower B has received an OC up to the 45th floor, rather than a full OC. Compared with Tower A, the disclosure shows different certification positions for two of the four 64-storey residential towers.

Tower C’s structure is complete up to the 35th floor, Marathon Nextgen Realty said. The release does not state that Tower C has received an OC and limits its construction update to the structure reaching the 35th floor.

Tower D has not yet been launched. The project therefore ranges from Tower A, with a full OC, to Tower D, which remains unlaunched, while Marathon Nextgen Realty provides no separate launch date or construction milestone for the commercial tower.

Why is Adani Group selling its Monte South stake?

Adani Group decided to exit Monte South as it increasingly focuses resources and attention on several substantially larger opportunities in the Mumbai Metropolitan Region, or MMR, Marathon Nextgen Realty said. The release describes Monte South as Adani Group’s first premium real estate development in Mumbai.

Marathon Nextgen Realty says Adani Group has significantly expanded its presence in MMR since entering Monte South. The filing does not identify those larger developments, quantify their scale or state when Adani Group’s exit from Monte South will be completed.

Marathon Nextgen Realty says it values its association with Adani Group and looks forward to future opportunities to participate in the group’s developments. That statement does not disclose a further agreement, development, ownership stake or timetable beyond the approved approximately Rs 335 crore acquisition.

Management presents the acquisition as part of its strategy to expand the scale and reach of Marathon Nextgen Realty’s business. The release says it will continue to seek opportunities to strengthen its development portfolio and enter new growth avenues, but it gives no numerical acquisition target or deadline.

The disclosed opportunity at Monte South is residential sales and development potential alongside future monetisation of the commercial component. Marathon Nextgen Realty does not disclose expected sales value, construction cost, inventory, completion dates or projected revenue for the approximately 25 lakh sq. ft. project.

Conclusion

The approved approximately Rs 335 crore acquisition would shift Marathon Nextgen Realty from a 40% partner to the prospective sole owner of Monte South. The Byculla project combines completed, partly certified, under-construction and unlaunched residential elements, plus a commercial tower, across approximately 25 lakh sq. ft.

The next disclosed item to watch is completion of the acquisition, for which the October 31, 2026 filing gives no date or conditions. After completion, Marathon Nextgen Realty plans residential sales and development and future commercial monetisation, while management says it will continue pursuing opportunities to expand its development portfolio.