By Rohit Sharma
Marathon Group & Adani Realty – joint venture for Monte South is eyeing Rs 2,400 crore from the phase 1 and 2 of its 12 acres premium residential project at Byculla, said the top official of Marathon Group.
On Thursday the company launched the second phase of Monte South project. The project is being developed across 12 acres of mill land of the erstwhile Khatau Mills, and that happens to be one of the last remaining large land parcels in South Mumbai.
According to officials, “Overall investment for two towers approximately will be Rs 1800 crore and expecting a return of Rs 2400 crore.”
Both the phases is backed HDFC bank funding of Rs 500 crore, said a source.
The launch comes at a time when real estate market sentiments are beginning to look up – especially with the recent GST reduction on tax. The project offers a mix of 2, 2.5, 3 & 3.5 BHK apartments, with the larger configuration apartments being in the first tower.
There’s also more than 45,000 sq.ft of open space within the project premises, a rare luxury in a space-starved city like Mumbai.
“Byculla is at the epicentre of a radical transformation, much like what Lower Parel went through in the last decade, with large mill lands giving way to skyscrapers.” Ajay Munot, CEO of Adani Realty. Monte South caters to about 2500 crore worth of inventory in the premium segment of the South Mumbai real estate market.
The project is designed by renowned Architect Hafeez Contractor.
“Luxury has always been a hallmark of South Mumbai in ways that are truly iconic. With this project, we are not only delivering a plush residential property but also are creating a landmark structure that will give a new identity to South Mumbai,” said Mayur Shah, Managing Director, Marathon Group.