Mumbai apartment Project Finally Resumes After 18 Years of Delays

A long-awaited real estate project in Mumbai is set to resume after being stalled for almost two decades, offering relief to hundreds of homebuyers. The project, initially launched in 2008, faced significant delays and ultimately fell into financial distress, leading to legal battles and uncertainty for investors.

Project Background & Initial Delays

The project began in 2008 with the construction of three towers for the initial 171 allottees. The developer then launched two more towers, selling apartments to an additional 350 buyers, raising approximately ₹809 crore (approximately $97 million USD as of January 27, 2026).Hindustan Times However, construction stalled, leaving homebuyers in a limbo for over 13 years.

NCLT Intervention and Resolution

Frustrated buyers filed a case with the National Company Law tribunal (NCLT) as financial creditors, invoking Section 7 of the Insolvency and Bankruptcy Code. In 2023, the NCLT appointed a resolution professional and invited developers to submit resolution plans. Indian Express

Out of 14 interested developers, five submitted bids. Mantra Properties and Developers Private Limited ultimately emerged as the successful resolution applicant and has now acquired the project.

Revival Plan Details

Mantra Properties has proposed a resolution plan worth ₹115 crore (approximately $13.8 million USD) that focuses on completing the remaining two towers and handing over possession to buyers within 18 months.Hindustan Times

Status of Allottees

The project initially involved 576 allottees. So far, 171 have been rehabilitated into new housing, 92 continue to reside on the land (with their homes yet to be demolished), and around 300 were temporarily relocated and are awaiting rehabilitation.

Collaboration and Future Outlook

The project’s revival is supported by a partnership between ASK Property Fund and Mantra Group. rohit Gupta, CEO of Mantra Group, stated the collaboration is “timely,” as many homebuyers have been left in the lurch by stalled projects. Hindustan Times

“As a group, we are committed to providing quality homes and fulfilling the long-pending aspirations of the homebuyers,” Gupta added.

Mumbai’s Stalled Construction Landscape

This project’s resumption comes amid a larger issue of stalled construction in Mumbai,where over 16,000 buildings are in need of repair,demolition,or redevelopment.

Published: 2026/01/27 06:08:07