Adani Realty and Mumbai-based listed developer Marathon Nextgen Realty Limited have announced a joint venture to develop a landmark commercial and retail project in Byculla, Mumbai. According to Hindustan Times, the project, named Monte South Commercial, will cover approximately 1.2 million square feet and is valued at a gross development value (GDV) of ₹3,400 crore.
Situated in the heart of Byculla, the project aims to redefine South Mumbai’s evolving business district with Grade A offices, premium retail spaces, and world-class amenities designed for modern enterprises.
“A Benchmark For South Mumbai’s Commercial Future”
Commenting on the development, Mayur Shah, Vice Chairman of Marathon Nextgen Realty Ltd., to HT, “Monte South Commercial will set a new benchmark for South Mumbai’s business landscape, combining design excellence, efficiency, and long-term value.”
The company added that the project follows the success of Marathon Futurex at Lower Parel, another landmark development known for its architectural innovation and efficient office spaces.
South Mumbai’s Office Market On The Rise
According to property consultancy Knight Frank, South Mumbai is poised for a strong commercial revival. Its 2024 report titled ‘South Mumbai - A Renaissance’ projects the addition of 4–6 million square feet of mixed-use office space in the next six to eight years.
The report noted that Nariman Point’s rental rates have surged by 52 percent, rising from ₹374 per sq ft in 2018 to ₹569 per sq ft by the first half of 2024. In contrast, rentals in Bandra Kurla Complex (BKC) grew by 20 percent during the same period.
Knight Frank further anticipates a steep rental escalation in South Mumbai, with prices expected to climb to ₹1,091 per sq ft by 2030, signalling robust demand for premium commercial properties in the region.
Monte South Commercial, with its scale and strategic location, is expected to be a pivotal addition to this resurgence, reinforcing Byculla’s position as a rising commercial hub in the city’s southern corridor.
