Construction has resumed at the long-delayed Majaswadi Sarvodayanagar redevelopment project in Jogeshwari East, marking a significant milestone after the final occupants vacated the site. The restart of work ends a 17-year delay and paves the way for the completion of the 9-acre redevelopment project.
The project involves the redevelopment of 576 MHADA tenements and was initially undertaken by Mantra Properties. The developer had earlier completed three residential towers for 171 original occupants and launched two sales towers, where around 350 apartments were sold to homebuyers. However, mounting borrowings, which reached Rs 4,326.72 crore, eventually led the matter to the National Company Law Tribunal (NCLT), leaving the project stalled.
Following petitions filed by affected homebuyers, the NCLT approved Mantra Group’s resolution plan, which includes completing the two sale towers for nearly 350 homebuyers and constructing homes for around 400 remaining tenants who had already vacated their residences.
To support the revival, Mantra Group has secured an investment of Rs 340 crore from ASK Property Fund, providing financial backing for the completion of the project.
Rohit Gupta, Managing Director, Mantra Group, said, “With the site now fully cleared, construction is moving ahead at full speed. Our teams are working to honour every commitment and deliver the homes that families have been waiting for.”
Located near the Jogeshwari-Vikhroli Link Road (JVLR), the redevelopment project offers convenient connectivity to Mumbai’s major business hubs and key transport corridors.
Established in 2007, Mantra Properties has completed over 80 lakh sq ft of development across 16 projects and delivered homes to more than 7,500 families in Pune and Pimpri-Chinchwad. The company now has operations in Mumbai and Dubai. In Mumbai, it is focused on reviving the stalled redevelopment project for 576 MHADA families and around 350 homebuyers, while in the UAE it has partnered with Jacob & Co. for a development on Al Marjan Island.
Source: Construction Week
