January 23, 2026: After nearly two decades of uncertainty, hundreds of homebuyers and tenants stuck in a stalled redevelopment project in Mumbai’s Jogeshwari are finally seeing a path forward. The Maharashtra Housing and Area Development Authority (MHADA) has withdrawn its stop-work notice on the Majaswadi redevelopment, lifting a major regulatory hurdle and allowing construction to resume.
For buyers like Abhishek Ranganathan, who booked a 3-BHK apartment in 2013 for ₹1.70 crore, the delay has come at a heavy personal and financial cost. Thirteen years later, the flat remains incomplete, even as EMIs and family responsibilities continued. The prolonged stalemate has affected 576 original tenants and around 350 homebuyers across the nine-acre Majaswadi Sarvodayanagar Co-operative Housing Society project, which has been stalled since 2008 and carries an estimated development potential of over ₹3,000 crore.
“It’s a big relief,” Abhishek said. “We have been waiting for years. At least now, through the NCLT process, a new developer is taking over. We can finally see light at the end of the tunnel.”
The breakthrough comes after the project was taken over by Pune-based Mantra Group through the National Company Law Tribunal (NCLT) route. MHADA had issued a stop-work notice in June 2022 against the previous developer for non-completion, but formally withdrew it on December 30, 2025, enabling the new developer to proceed under a revised timeline.
Mantra Group has secured ₹340 crore in funding from ASK Property Fund to fast-track construction. As per the NCLT-approved ₹614 crore resolution plan, the developer has committed to completing two sale towers and handing over possession to homebuyers within 18 months. Of the original tenants, 171 have already been rehabilitated, while others await permanent homes.
“The recent collaboration between ASK Property Fund and Mantra Group is coming at a very opportune time… In the Mumbai project, Mantra’s acquisition and ASK Property Fund’s investment will positively impact the lives of 576 families… and another 350 families who had bought homes in the erstwhile proposed development,” said Rohit Gupta, CEO, Mantra Group.
With regulatory clearance now in place, long-delayed construction is set to restart, offering long-awaited relief to families caught in one of Mumbai’s most protracted redevelopment deadlocks.
