January 26, 2026: After nearly two decades of delays, homebuyers and tenants linked to a stalled redevelopment project in Jogeshwari have received renewed hope, following the withdrawal of a stop-work notice by the Maharashtra Housing and Area Development Authority (MHADA). The decision clears the way for construction to resume on a project that has remained incomplete for 17 years, affecting 576 tenants and around 350 homebuyers.
For buyers such as Abhishek Ranganathan, who booked a three-bedroom apartment in 2013 for ₹1.70 crore, the delay has carried heavy emotional and financial costs. “It’s a big relief,” he 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 9-acre Majaswadi redevelopment project, with an estimated development potential exceeding Rs 3,000 crore, has long been mired in uncertainty. Claims of nearly ₹525 crore from about 240 homebuyers and total liabilities approaching Rs 600 crore led buyers to approach the National Company Law Tribunal (NCLT) as financial creditors. Following insolvency proceedings, Pune-based Mantra Group took over the project in August 2025 as the successful resolution applicant.
MHADA had issued a stop-work notice in June 2022 to the earlier developer for non-completion. The notice was formally withdrawn on December 30, 2025, enabling Mantra Group to proceed under a revised timeline. The developer has secured Rs 340 crore in funding from ASK Property Fund to accelerate construction.
According to the NCLT-approved resolution plan, Mantra Properties submitted a Rs 614 crore proposal, committing to complete the two sale towers and hand over homes to buyers within 18 months. Of the original 576 tenants, 171 have already been rehabilitated, 92 remain on-site, and around 300 are in temporary accommodation.
“The recent collaboration between ASK Property Fund and Mantra Group is coming at a very opportune time… we are committed to delivering quality homes and fulfilling long-pending wishes of homebuyers,” said Rohit Gupta, CEO, Mantra Group.
The development comes amid broader efforts by MHADA to address stalled and dilapidated housing projects across Mumbai, including a possible takeover of redevelopment for hundreds of aging buildings in South Mumbai.
Source: Hindustan Times
