Modern distribution mechanisms within the smart grid paradigm are considered both reliable in nature and interconnected in topology. In this paper, a multiple-criteria-based sustainable planning (MCSP) approach is presented that serves as a future planning tool for interconnected distribution mechanisms and aims to find a feasible solution among conflicting criteria of various genres. The proposed methodology is based on three stages. In the stage 1, a weighted voltage stability index (VSI_W) and loss minimization condition (LMC) based approach aims at optimal asset optimization (sitting and sizing). In this stage, an evaluation of alternatives (solutions) is carried out across four dimensions (technical, economic, environmental, and social) of performance metrics. The assets considered in the evaluations include distributed generation (DG), renewable DGs, i.e., photovoltaic (PV), wind, and distributed static compensator (D-STATCOM) units. In the stage 2, various multicriteria decision-making (MCDM) methodologies are applied to ascertain the best trade-off among the available solutions in terms of techno-cost (economic) (TCPE), environment-o-social (ESPE), and techno-economic-environmental-socio (TEES) performance evaluations (OPE). In the stage 3, the alternatives are evaluated across multiple load growth horizons of 5 years each. The proposed MCSP approach is evaluated across a mesh-configured 33-bus active distribution network (ADN) and an actual NUST (which is a university in Islamabad, Pakistan) microgrid (MG), with various variants of load growth. The numerical findings of the proposed MCSP approach are compared with reported works the literature supports its validity and can serve as an important planning tool for interconnected distribution mechanisms for researchers and planning engineers.