Pune-based Mantra Group has secured a stalled real estate project in Worli with a development potential of ₹2,000 crore through the corporate insolvency resolution process (CIRP) initiated at the National Company Law Tribunal (NCLT). According to reports from Business Standard, the project was earlier acquired by Siddhi Raj Developers and had been stalled for over a decade as the group's promoter, Jagdish Ahuja, could not complete it and also ran into litigation with landowners. Some of the units had been sold to homebuyers, the company noted in a statement issued on Friday.
The CIRP was initiated at the NCLT in 2023, with the initial phases witnessing 20 players submitting their resolution plans for the project. As reported by Business Standard, on June 19, the NCLT passed an order appointing Mantra as the 'successful resolution applicant', accepting its resolution plan to complete the project. The project's stakeholders include 576 families from the Maharashtra Housing and Area Development Authority (MHADA) layout and 300 homebuyers.
The Worli project represents Mantra Group's third acquisition in Mumbai within the last year, following project acquisitions in Jogeshwari and Mulund. According to Business Standard, collectively, the three developments offer an estimated development potential of nearly ₹7,500 crore. Rohit Gupta, managing director of Mantra Group, stated that the company is excited to expand its presence in Mumbai, marking their third real estate development in the city and reflecting their long-term commitment to creating landmark developments.
Mantra's resolution was overseen by Amit Vijay Karia, an insolvency professional and partner at Incorp Restructuring Services LLP (IPE). As reported by Business Standard, Karia noted that the approval of the resolution plan demonstrates the effectiveness of a collaborative and stakeholder-centric approach, delivering a balanced outcome for all stakeholders while establishing a sustainable framework for project completion.
According to Business Standard, Mantra Properties has completed 16 projects spanning over 8 million square feet in Pune. The company has now entered the Mumbai and Dubai markets, with Mantra having partnered with luxury brand Jacob & Co. to develop a project on Al Marjan Island in the UAE.
