Marathon-Adani JV launches realty project in Mumbai

Marathon Group and Adani Realty joint venture (JV), which is building the second phase of their luxury project in South Mumbai has recently secured ₹500 crore funds. The joint venture company has set a revenue targets worth around ₹2,500 crore from this project. The residential project – Monte South at Byculla's second phase – was launched by the developers recently. The first phase of the project, spread across 12 acres of erstwhile Khatau Mills Compound, is nearing completion and construction of the subsequent high-rise will commence soon. As per the plans, there will be four high rise buildings on this plot in south Mumbai. Khatau Mills land is one of the last large land parcels remaining in south Mumbai, said managing director of Marathon Group, Mayur Shah, adding that the sanctioned fund is a loan from HDFC bank for the second building that is to be built on fast tracked basis. An equal amount was utilized by the developers for the construction of the first too and the same was approved around four years ago by HDFC. According to the JV partners, the launch of the second 60 storied towers will have over 150 apartments for booking at the time of launch itself. All the decisions for Monte South project are being taken jointly by both the developers – Marathon Group and Adani Realty -- but the former is handling construction and day-to-day affairs of the project.