September 2, 2025: A housing redevelopment project in suburban Mumbai, stalled for nearly two decades due to mounting debt, is finally set for revival after the National Company Law Tribunal (NCLT), Mumbai bench, approved the resolution plan of Pune-based Mantra Properties & Developers Pvt. Ltd.
On August 26, the bench comprising Justice Lakshmi Gurung and Technical Member Hariharan Neelakanta Iyer approved Mantra’s plan to complete the redevelopment of a Maharashtra Housing and Area Development Authority (MHADA) colony in Jogeshwari East.
The project, originally undertaken by Acme Realties in 2008, involved the redevelopment of Majaswadi Sarvodayanagar Co-operative Housing Society, comprising 576 homes. Acme began constructing towers but defaulted, leaving hundreds of families displaced and debts exceeding Rs 4,326 crore. Creditors included HDFC Bank, HDFC Capital Affordable Real Estate Fund-I, and homebuyers who had paid advances.
Following Acme’s failure, homebuyers approached the tribunal under insolvency provisions. A resolution professional invited bids, with Mantra’s Rs 614-crore proposal ultimately securing unanimous support from creditors and residents.
Under the approved plan, Mantra will complete unfinished towers within 18 months for existing homebuyers, while delivering the remaining rehabilitation housing within 42 months. About 300 displaced families will receive pending rent and possession of their homes, while 92 households still on site will be provided rental support until new homes are built.
Upon fulfilling its commitments, Mantra will retain nearly six acres of land for commercial development. “We are committed to completing this project, ensuring both original occupants and homebuyers receive their rightful homes,” said Rohit Gupta, CEO of Mantra Properties.
Over the past 18 years, Mantra has completed 16 large projects totalling 70 lakh square feet in Pune and sold to more than 7,500 buyers. The company is currently developing eight projects across its 500-acre land bank.
Source: The Hindu
