After 17 years of waiting, Mumbai homebuyers finally see hope as MHADA lifts stop-work notice
When Abhishek Ranganathan booked his 3-BHK home in 2013 for ₹1.70 crore, he was in his early 30s, planning a future with his family. Thirteen years on, at 42, the apartment remains unfinished. Life, however, has moved on at a steep emotional and financial cost.
Like Abhishek, hundreds of homebuyers invested their life savings, took home loans, paid EMIs, and waited year after year for possessions that never came.
Like Abhishek, the prolonged delay has affected 576 families residing on the land parcel and another 350 families who had purchased homes in the erstwhile proposed development. Spread across 9 acres in Majaswadi, the project has remained stalled for 17 years and is estimated to have a development potential of over ₹3,000 crore.
The stalled project today involves claims of nearly ₹525 crore from around 240 homebuyers, with total liabilities, including those of two joint venture partners, approaching ₹600 crore, affecting over 300 buyers. For many, the financial burden has been compounded by years of uncertainty and emotional distress, Abhishek told Hindustan Times Real Estate.
“It’s a big relief,” he said, as a long-delayed resolution finally came into sight. “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.”
Relief has also followed regulatory intervention. The Maharashtra Housing and Area Development Authority (MHADA) has lifted its stay and withdrawn the stop-work notice on the long-stalled redevelopment project in Jogeshwari, Mumbai.
The project has now been taken over by Pune-based Mantra Group via the National Company Tribunal (NCLT) route. The Mantra Group recently received funding of ₹340 crores from ASK Property Fund, the real estate arm of the Blackstone-backed ASK Asset and Wealth Management Group. The funding will enable Mantra to accelerate the development of the Jogeshwari project, according to the company.
Relief has also followed regulatory intervention. The Maharashtra Housing and Area Development Authority (MHADA) has lifted its stay and withdrawn the stop-work notice on the long-stalled redevelopment project in Jogeshwari, Mumbai.
The project has now been taken over by Pune-based Mantra Group via the National Company Tribunal (NCLT) route. The Mantra Group recently received funding of ₹340 crores from ASK Property Fund, the real estate arm of the Blackstone-backed ASK Asset and Wealth Management Group. The funding will enable Mantra to accelerate the development of the Jogeshwari project, according to the company.
MHADA had issued a stop-work notice in June 2022 to the erstwhile developer of the Majaswadi Sarvodayanagar Co-operative Housing Society for failing to complete the project. However, on December 30, 2025, MHADA withdrew the notice, clearing the way for construction to resume.
According to MHADA officials, the decision enables the new developer to take over the project and complete it under a revised timeline.
The back story
In August 2025, Mantra Group took over the project through the National Company Law Tribunal (NCLT) route. The redevelopment dates back to 2008, when 576 tenants of the Majaswadi Sarvodayanagar Co-operative Housing Society decided to redevelop the colony and appointed a developer to execute the project.
However, the developer constructed only three towers for 171 of the 576 tenants and also launched two sale towers, selling apartments to 350 homebuyers. To finance the project, the developer raised substantial funds, which had mounted to ₹4,326.72 crore by the time the matter reached the NCLT.
Also Read: How redevelopment reshaped Mumbai’s entry playbook for non-local developers in 2025
Following repeated delays and failure to complete the project, homebuyers approached the NCLT as financial creditors and filed an application under Section 7 of the Insolvency and Bankruptcy Code. Last year, the NCLT appointed a resolution professional and invited developers to submit resolution plans. Of the 14 developers that expressed interest, five submitted bids, following which Mantra Properties and Developers Private Limited emerged as the successful resolution applicant and acquired the project.
According to the NCLT order, Mantra Properties submitted a ₹614 crore resolution plan, which includes completing the two sale towers and handing over possession to homebuyers within 18 months. Of the 576 original occupants of the colony, 171 tenants have already been rehabilitated into new homes, 92 tenants continue to reside on the plot with their homes yet to be demolished, while around 300 tenants have been temporarily relocated and are awaiting rehabilitation.
Mantra Group said in a statement that it has cleared the rent for 316 tenants and paid them rent for the current year. "The 92 tenants on site were paid one year's rent in advance, along with hardship charges. The company has begun construction of homebuyer towers and is now advancing towards completion,” according to the statement.
“The recent collaboration between ASK Property Fund and Mantra Group is coming at a very opportune time. Of the three projects being invested in, two have been stuck for a significant time, leaving many homebuyers in a lurch. In the Mumbai project, Mantra’s acquisition and ASK Property Fund’s investment will positively impact the lives of 576 families residing on the land parcel and another 350 families who had bought homes in the erstwhile proposed development. As a group, we are committed to delivering quality homes and fulfilling long-pending wishes of homebuyers," Rohit Gupta, CEO, Mantra Group, said.
Pune-based Mantra Properties has so far completed 16 large projects spanning seven million square feet and sold to over 7,500 homebuyers over the past 18 years. Currently, the company has a land bank of around 500 acres and is developing eight projects.
MHADA to take over redevelopment of stalled projects in Mumbai
There are more than 16,000 dilapidated buildings in Mumbai city which require repair, and many require demolition and redevelopment. Of these, the redevelopment of 388 old and dilapidated MHADA buildings in South Mumbai is now expected to be taken over by MHADA. In December 2025, the housing authority said that several attempts by these housing societies to invite private developers had failed; hence, it will move forward with the redevelopment of these buildings if approached by housing societies in groups.
The redevelopment of these 388 buildings has been in limbo mainly because of their small plot sizes, which make it unviable for private builders to take them on. Another reason is the absence of consensus among housing societies, according to a Hindustan Times report.
A total of 27,373 families live in these 388 crumbling buildings, scattered across South Mumbai, including Colaba, Girgaon, Mumbadevi, Byculla, Sewri, Prabhadevi, and Mahim. Each building has 80-100 flats, each measuring 100-200 sq ft, the report said.