Mantra Group secures ₹2,000 crore Worli project through NCLT resolution

Pune-based developer Mantra Group has won the stalled Worli project through the insolvency resolution process, marking its third acquisition in Mumbai within a year

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).

 

The project was earlier acquired by Siddhi Raj Developers. It 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. The initial phases witnessed 20 players submitting their resolution plans for the project. 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. Collectively, the three developments offer an estimated development potential of nearly ₹7,500 crore.

 

Rohit Gupta, managing director, Mantra Group, said, "It is a privilege for Mantra Group to take forward this prestigious project in Worli. Having successfully delivered numerous developments in Pune, we are excited to expand our presence in Mumbai. The Worli project marks our third real estate development in the city and reflects our long-term commitment to creating landmark developments that deliver value to customers, stakeholders, and the city's evolving skyline."

 

Mantra's resolution was overseen by Amit Vijay Karia, an insolvency professional and partner at Incorp Restructuring Services LLP (IPE).

 

Karia said, "The approval of the resolution plan for the Worli project demonstrates the effectiveness of a collaborative and stakeholder-centric approach. The approved plan delivers a balanced outcome for all stakeholders while establishing a sustainable framework for project completion. We appreciate the constructive participation and support received throughout the process."

 

Additionally, Mantra Properties has completed 16 projects spanning over 8 million square feet in Pune. The company has now entered the Mumbai and Dubai markets. In the UAE, Mantra has partnered with luxury brand Jacob & Co. to develop a project on Al Marjan Island.