Byculla Sales Hit Rs 146 Crore in Q2 as Ready Towers Draw Buyers

Byculla Sales Hit Rs 146 Crore in Q2 as Ready Towers Draw Buyers

Marathon Nextgen Realty, the listed arm of the Marathon Group, told investors on its Q2 FY27 earnings call on 4 November 2026 that its 25-lakh sq ft mixed-use development in Byculla, Mumbai, generated about Rs 146 crore of project-level sales in the quarter ended 30 September 2026. That quarter covered the monsoon, a period when sales in Mumbai usually slow down, so the result stood out. Whole-Time Director Kaivalya Shah said sales were broadly similar to the Q1 FY27 level, which suggests the rains did not interrupt momentum.

Around 800 of the roughly 1,800 planned apartments have now been sold. The company's own 40% share of booking value rose to Rs 58 crore from Rs 50 crore in Q1, and collections on that share came to Rs 57 crore. Management said year-to-date project sales had reached nearly Rs 300 crore in FY27. It extrapolated that pace to about Rs 600 crore for the full year, but stressed this was not formal guidance. Chetan Shah, Chairman and Managing Director, said demand came from every price segment during the quarter. Management also linked the uptick to referrals from existing residents and to ready-to-move-in inventory in Towers A and B.

What This Means If You're Buying

The most practical point for an end user is that the project now has finished inventory. Tower A has received its full occupation certificate, and Tower B has an occupation certificate up to the 45th floor with its RCC work completed. Buyers who want to inspect a finished building before committing can do so here, which is rare in a project of this scale. Tower C had reached the 35th floor at the time of the call, and Tower D has not yet been launched.

The unit mix runs from 2 BHK to 3.5 BHK, with 2.5 BHK and 3 BHK options also in the range. Market listings currently show different starting points. One portal lists prices from Rs 2.8 crore onwards, while another shows Rs 3.64 crore to Rs 5.41 crore, as of November 2026. Because these ranges differ, compare the exact unit, floor and carpet area with the sales team before drawing conclusions about value.

For investors, the remaining inventory is roughly 15 lakh sq ft of the 25 lakh sq ft total, which management says represents about 60% of the area and about 70% of the value. Resale and rental demand in Byculla depends on connectivity. Mahalaxmi Metro Station on Line 3 is about 1 km away, Byculla station is about 0.6 km, and Mahalaxmi station is about 0.8 km. The domestic airport is about 20 km away. Metro Line 11 linking Wadala and CSMT is projected to be operational around 2030, so treat that as upside rather than a settled certainty.

Synergy Infracon's Take

The sales pace is encouraging, but it deserves a careful read. The Rs 146 crore figure refers to project-level sales, while the Rs 58 crore booking value is the company's 40% share. Buyers and analysts should not treat the two as the same number. Management's Rs 600 crore full-year projection is a straight-line extrapolation from the first half, and monsoon quarters, festive months and price changes all move the actual numbers.

We read the story as a sign of a project with real end-user demand. Finished towers, a pricing structure that covers several segments, and a 1969-founded group with more than 100 completed projects in Mumbai all support that view. The group also reported net debt-free status with positive net cash, and its Q2 pre-sales of Rs 154 crore were 79% higher than in the previous quarter. Our view is that the market is reacting well, but the project still has a long sales runway ahead, and buyers should judge it on the unit they want rather than on headline totals.

What We'd Advise Right Now

• If you want a home you can inspect today, ask the sales team for the Tower A and Tower B unit options and their current floor availability.
• If you are buying under construction, Tower C and Tower D are the stages to evaluate closely, and Tower D is planned for FY29 according to management.
• Ask for a written price sheet with the exact carpet area, parking, stamp duty and maintenance terms before comparing with other Byculla options.
• Watch the Adani stake completion, which management expected in the quarter after the 4 November 2026 call, since it changes how the company consolidates project revenue, though management said the construction timeline stays the same.
• Our channel-partner team can arrange a site visit to compare the finished towers against your budget and commute to Lower Parel or South Mumbai.

Related Projects We Cover

• Byculla: the locality itself, with Mahalaxmi Metro, Byculla station and Dr BA Road within a short distance.
• Mahalaxmi: a multimodal hub connecting the railway, Metro Line 3 and monorail is nearing completion.
• Lower Parel: where Marathon has other ongoing residential projects.
• Versova: a redevelopment project the group has signed for, with an estimated gross development value above Rs 450 crore.
• Mulund: another Marathon location with ongoing residential work.