Marathon Nextgen seeks ₹1,000 crore limit for its Monte South joint venture

On 3 November 2026, Marathon Nextgen Realty Ltd said its board has proposed raising the aggregate financial exposure to its 40% joint venture partner, Swayam Realtors and Traders LLP (SRTL), to ₹1,000 crore. The limit would cover loans, investments and guarantees. It would replace an existing ₹300 crore approval granted on 28 September 2026. The JV is developing Monte South in Byculla, Mumbai.

What the approval covers

Shareholders will vote by special resolution, with e-voting open from 4 November to 3 December 2026. The company expects to declare final results by 5 December 2026. The company says the funds will support project execution and the capital restructuring of the JV. It plans to meet these commitments from QIP proceeds and internal accruals. Management has said no provision for these specific obligations is currently in the books. The proposed amount equals 201.56% of the company's FY26 consolidated turnover.

The JV's FY26 figures, as reported, show turnover of ₹374.46 crore and a profit after tax of ₹49.34 crore. Its net worth is ₹480 crore, and it carries a BBB+/Stable rating from Infomerics Ratings.

The separate 60% stake purchase

On 31 October 2026, the board approved buying the outgoing partner's 60% in SRTL for up to ₹335 crore, made up of ₹135 crore in cash and a ₹200 crore bank guarantee. That would take the company's holding from 40% to 100%. The same board decision approved related-party transactions with SRTL, covering investment, loans and guarantees, subject to shareholder approval. It is not clear from the material whether this is the same item as the ₹1,000 crore limit. The company has said no governmental or regulatory approvals are needed for the stake acquisition. The indicative time for completion is two months from the date of the requisite approvals. It is not stated whether shareholder approval is a condition for closing the stake deal.

For buyers, the filing does not describe any delay, penalty or change in sales at Monte South. Monte South sits on a 12.5-acre site and offers 2, 2.5, 3 and 3.5 BHK apartments. The developer's project page gives a starting price of ₹3.33 crore inclusive of taxes. Unit counts, unit sizes and possession dates vary across listings. Buyers should check the MahaRERA registration for each tower on the MahaRERA portal, since the towers are registered separately.

On location, the nearest Metro station listed is Mahalaxmi on Metro Line 3, about 1 km from Byculla. Byculla station on the Central Line and access to the Eastern Express Highway are also cited. Lower Parel is about 4.8 km by road and Nariman Point about 8.2 km. One estimate puts average prices in Byculla at about ₹48,150 per sq ft as of April 2026. Other estimates are lower, so buyers should compare recent transactions before relying on any single figure.

The company's Q2 FY27 update says residential pre-sales grew 70% quarter on quarter, according to the Chairman's statement. It also says construction at Monte South is progressing as planned. The company describes itself as net debt-free. A composite scheme involving seven companies has a BSE observation letter dated 25 March 2026, but it remains subject to shareholder, creditor and NCLT approvals.

What to watch next

• 4 November 2026, 1:15 pm IST: investor update call with top management
• 4 November to 3 December 2026: shareholder e-voting on the ₹1,000 crore resolution
• By 5 December 2026: final voting results
• Whether the stake purchase in SRTL is put to shareholders, and on what terms