Adani Realty and Mumbai-based listed developer Marathon Nextgen Realty Limited have partnered to develop a commercial and retail project in Byculla, Mumbai, with a gross development value (GDV) of ₹3,400 crore.
The project, named Monte South Commercial, will be executed as a joint venture between Marathon Nextgen Realty and Adani Realty, spanning approximately 1.2 million square feet.
“Monte South Commercial forms part of the larger Monte South campus, which comprises four residential towers rising over 64 storeys with a total residential sale carpet area of over 1.6 million sq ft. Tower A is ready with an Occupation Certificate (OC), Tower B has topped out in RCC, and Tower C has reached the 12th slab, progressing at a rapid pace, while Tower D is yet to be launched,” Marathon Nextgen Realty Ltd said in a regulatory filing.
According to the company, the mixed-use development creates a complete live-work ecosystem, where residents can live, work, and unwind within a single integrated community, promoting a walk-to-work culture in Mumbai’s urban core.
The company stated that the project is situated in the heart of Byculla, and Monte South Commercial will feature Grade-A offices, premium retail zones, and amenities designed for modern businesses.
“Monte South Commercial will set a new benchmark for South Mumbai’s business landscape, combining design excellence, efficiency, and long-term value,” said Mayur Shah, vice chairman, Marathon Nextgen Realty Ltd.
According to the company statement, the project is being developed following the success of Marathon Futurex at Lower Parel.
South Mumbai’s office space potential
Property consultancy Knight Frank, in its 2024 report, ‘South Mumbai – A Renaissance’, had said that South Mumbai is projected to add 4-6 mn sq ft of mixed-use office space in the next 6-8 years. Nariman Point’s rents surged by 52% to ₹569 per sq ft from 2018 to H1 2024. It has outpaced the rental growth of BKC, where rents have grown by 20%, the report said.
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The report said that there will be an upsurge in office rentals. It is projected to see a sharp rise from the current ₹569 per sq ft to ₹1,091 per sq ft by 2030, reflecting strong demand for premium office space in the area.