More than a decade after booking their homes, thousands of buyers in stalled HDIL projects across Mumbai and Maharashtra continue to face uncertainty, with construction halted and insolvency proceedings delaying the revival of several developments.
Dr Haresh Manglani booked a three-bedroom apartment at Whispering Towers in Mulund West in 2010, expecting it to become his family home. Sixteen years later, the project remains incomplete as Housing Development and Infrastructure Limited (HDIL) continues to undergo the Corporate Insolvency Resolution Process (CIRP) before the National Company Law Tribunal (NCLT).
“It’s been a decade since construction at HDIL Whispering Towers came to a halt and we still do not have a timeline in place for when we might get our homes,” Dr Manglani, who heads the Whispering Towers Flat Owners Welfare Association, told Hindustan Times. “This entire case is a Pandora’s box.”
Nearly 5,000 buyers across other HDIL projects are facing similar uncertainty.
“This seems to be never ending. I don’t know how many of us will stay alive by the time we actually get our homes,” said Girish Matangey, a core committee member of the flat owners’ association at Majestic Towers in Nahur.
Projects Stalled for Years
At Whispering Towers, construction stopped around 2015 despite homebuyers having paid substantial amounts. Shyam Chittari, who invested Rs 60.71 lakh in a unit, said uncertainty over completion existed from the beginning.
“Uncertainty regarding the project’s deadline was there from the beginning,” he told HT. “For instance, agreements for sale for apartments in the same wing cited dates ranging from May 2015 till December 2018, while the MahaRERA possession date was May 2019.”
His claim was verified at Rs 2.03 crore in 2025, but there was still no clear timeline for restarting construction.
A similar situation has affected Paradise City in Palghar, where 4,838 families booked homes across an 86.9-acre project. Pankaj Bari, who booked a flat in 2011, said construction slowed after 2015. Although nearly a dozen buildings from the first phase were completed and occupied, subsequent phases remained unfinished.
“A resolution plan that was proposed got rejected in early 2025 because it failed to secure approval from HDIL’s Committee of Creditors (CoC),” Bari explained. “Thus, the way this case is progressing, we are staring at an uncertain future.”
The buyers’ association subsequently approached the National Company Law Appellate Tribunal (NCLAT), where the matter remains pending.
Bankruptcy Deepened the Crisis
HDIL, promoted by Rakesh Wadhawan and Sarang Wadhawan, entered bankruptcy proceedings in August 2019. The development followed the collapse of Punjab and Maharashtra Cooperative Bank, which had significant exposure to the company.
Since then, creditors have pursued HDIL assets to recover dues. Unity Small Finance Bank, which emerged after PMC Bank’s merger, has sought to auction HDIL’s 426-acre Dahisar land parcel. The plot failed to attract bidders at a Rs 1,234.62-crore reserve price in 2025, which was later reduced to Rs 1,000 crore.
Environmentalist Debi Goenka has raised environmental concerns surrounding the Dahisar property, pointing to its notified status and the need for protection.
Other HDIL assets have also entered recovery proceedings. IL&FS, through Cushman & Wakefield, launched another sale round for 59 apartments in an HDIL project in Virar. Meanwhile, a floor at HDIL Towers in Bandra East was transferred to the Slum Rehabilitation Authority for Rs 39 crore, according to property documents.
Resolution Plans Yet to Deliver Homes
In November 2022, HDIL’s Committee of Creditors approved resolution plans for six projects. Adani Properties was selected for Project BKC, while Khyati Realtors and Dosti Realty were chosen for Majestic Towers, Whispering Towers and Premier Residences.
However, nearly four years later, the resolution plan is still awaiting NCLT approval.
Even a favourable decision could mean demolition and reconstruction of existing structures at some sites, adding another layer of uncertainty for buyers.
Financial liabilities linked to the insolvency process are another concern. Buyers said approximately Rs 160 crore was payable to the Corporate Resolution Professional (CRP).
“It is not clear who will foot this bill, especially since neither the creditors nor we are not getting what we are rightfully supposed to get,” Matangey said.
HDIL’s CRP Abhay Narayan Manudhane declined to comment, saying, “I am a court appointee.” Attempts to contact Sarang Wadhawan did not receive a response.
Matangey also criticised the delays under the CIRP framework.
“Under the CIRP, the creator of the problem is also allowed to object to the resolution plan. If the company was managed by the promoter, they should not be allowed to create a nuisance by objecting to the road to recovery, as is happening in our case,” he said.
For HDIL homebuyers, the insolvency process has turned what began as a property purchase into a prolonged legal and financial ordeal, leaving thousands still waiting for clarity on when, or whether, their homes will finally be completed.
Source: Hindustan Times
