Deal News
Marathon Nextgen to buy Adani's 60% stake in Monte South, Byculla, for Rs 335 crore
Marathon Nextgen Realty's board approved buying Adani Group's 60% stake in Monte South, a mixed-use project in Byculla, Mumbai, for about Rs 335 crore. After completion, Marathon's interest in the project would rise from 40% to 100%.
| Board approval | 31 October 2026, disclosed in a regulatory filing the same day |
|---|---|
| Buyer | Marathon Nextgen Realty Ltd (NSE: MARATHON) |
| Seller | Adani Group, holding a 60% stake in the joint venture Swayam Realtors and Traders LLP (SRTL) |
| Consideration | About Rs 335 crore in total |
| Ownership change | Marathon's interest in Monte South rises from 40% to 100% after completion |
| Location | Monte South, Khatau Mills Compound, Byculla, Mumbai |
| Project scale | Four residential towers of 64 storeys and a commercial tower, about 25 lakh sq ft in total |
| Completion timing | Expected within two months of requisite approvals |
What happened
On 31 October 2026, the board of Marathon Nextgen Realty Ltd approved the acquisition of Adani Group’s 60% stake in Monte South, Byculla, for a consideration of approximately Rs 335 crore. The company disclosed the decision in a regulatory filing on Saturday. The stake being bought is an additional 60% in the joint venture Swayam Realtors and Traders LLP, which holds the project.
Marathon already held 40% of the joint venture. Once the deal completes, the company’s interest in Monte South would become 100%.
Deal terms and payment
The total consideration reported in the filing is about Rs 335 crore. Some press reports say this comprises up to Rs 135 crore in cash and Rs 200 crore through a bank guarantee. One outlet has reported the figure for the 60% stake as up to Rs 135 crore, so the cash and guarantee split should be read with that attribution in mind.
Marathon has said the acquisition should be completed within two months of receiving the requisite approvals.
Some reports state that the company is seeking shareholder permission for related-party transactions, including funding and loan guarantees. Other reports say the purchase of the 60% SRTL stake is not a related-party transaction. Both points are reported and neither is confirmed in the company’s own statement.
Why Adani is exiting
Marathon quoted its own reasoning for the deal in the company announcement:
“As the Group increasingly focuses its resources and attention on these larger opportunities, it has decided to exit its investment in Monte South,” Marathon explained.
The Adani Group release describes Monte South as the group’s first premium real estate development in Mumbai.
About Monte South
Monte South sits on land of the former Khatau Mills in Byculla, near the Y Bridge and the Byculla Fire Brigade. Marathon’s company filing says it acquired 12.20 acres of the Khatau Mills land in 2007. Some listing portals give a larger figure of about 12.5 acres, but the company’s own filing is the more reliable source on that point.
The project is planned as a mixed-use development of four residential towers of 64 storeys each and a commercial tower, together about 25 lakh sq ft. The commercial component, Monte South Commercial, was announced in October 2025 as a joint venture with Adani Realty. Marathon said the project “offers significant residential sales and development potential, alongside the future monetisation of its commercial component.”
Marathon’s filing reports that as of March 2025 the project ranked third in the market by total marketable supply, with 936 residential units.
What it changes for buyers, investors and the market
The deal changes who controls the project, not the terms of any existing flat. Marathon’s announcement and the reports do not describe any change to booking, possession or pricing for current or prospective buyers.
For investors, the main effect is that Marathon would control the project’s strategy and sales pace on its own. Outlet commentary has pointed to the cash outflow and its effect on the company’s debt and net debt position, and suggested that investors track these figures in the company’s next quarterly results.
Outlet commentary also notes that the South Mumbai luxury segment faces high competition and long execution timelines. The reports do not describe any regulator or buyer body commenting on the transaction.
At city level, the Knight Frank analysis of Maharashtra registration data showed Mumbai property registrations in October 2026 rising 9% year on year to 12,690 units.
Location and connectivity
Byculla station on the suburban central line and Reay Road station on the harbour line are both nearby. The project is adjacent to the Eastern Express Highway, and Atal Setu is reachable from Byculla. Byculla is listed as an approved station on Mumbai Metro Line 11; no opening date for that line has been announced. Marathon’s 2021 developer statement described large-scale mill redevelopment in Byculla as a driver of appreciation.
Marathon Nextgen Realty’s recent activity
Marathon Nextgen Realty is part of the Marathon Group, a Mumbai developer founded in 1969. The company says it has completed more than 100 projects, mainly in the Mumbai Metropolitan Region. Its ongoing projects include Lower Parel, Byculla and Mulund, with land banks at Bhandup, Thane, Dombivli and Panvel.
In July 2026 the company’s subsidiary Sunset Spaces signed a development agreement for a redevelopment in Versova on about 1.5 acres, with an estimated gross development value of over Rs 450 crore. A separate joint development agreement for a cluster redevelopment in Sewri, with an estimated gross development value of around Rs 450 crore for the company, has also been reported.
What comes next
The next steps are the completion of the acquisition, the formal closing and the related regulatory filings, all within about two months of the requisite approvals. Shareholder approval for related-party transactions, if required, is part of the reported process. Marathon has said that the commercial component will be monetised in future. Buyers and investors should watch for the company’s filings on completion, the payment structure, and the next quarterly results.
Frequently asked questions
What is Marathon Nextgen buying from Adani?
Marathon Nextgen Realty’s board approved buying Adani Group’s 60% stake in the joint venture Swayam Realtors and Traders LLP, which holds Monte South in Byculla, Mumbai. The consideration is about Rs 335 crore.
What will Marathon’s stake in Monte South be after the deal?
Marathon’s interest in Monte South would rise from 40% to 100% once the transaction is completed.
When is the deal expected to close?
Marathon has said the acquisition should be completed within two months of receiving the requisite approvals.
Does the deal change anything for existing Monte South buyers?
The announcement describes a change in project ownership. It does not describe any change to existing bookings, possession or pricing.
How is the Rs 335 crore being paid?
Some press reports say the amount comprises up to Rs 135 crore in cash and Rs 200 crore through a bank guarantee. Reports differ on how the figure applies to the 60% stake, so the split should be read as reported.
Why is Adani exiting Monte South?
Marathon quoted the stated reason: the Group is focusing its resources and attention on larger opportunities, and has decided to exit its investment in Monte South.