Pune-based Mantra Group has acquired a stalled real estate project with projected growth potential in Worli, Mumbai. ₹2,000 crores.
The acquisition was done through the corporate insolvency resolution process initiated under the National Company Law Tribunal (NCLT).
The company said its subsidiary Siddhi Raj Developers has taken over the project, which was stalled for over a decade and embroiled in litigation with the land owners. The previous developer had also sold several units to home buyers before the project was halted.
“It is a privilege for the Mantra Group to pursue this prestigious project in Worli. Having successfully executed several 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 deliver landmark developments that deliver value for customers, stakeholders and the city’s evolving skyline. The combined growth potential of our three Mumbai projects acquired in the last year is close to ₹Rohit Gupta, Managing Director, Mantra Group, said, Rs 7,500 crore represents an important step in our growth journey.
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According to the company, the Worli project represents Mantra Group’s third major acquisition in Mumbai within the last year, after successful project acquisitions in Jogeshwari and Mulund. Collectively, the three developments provide estimated growth potential of approximately ₹Rs 7,500 crore, underscoring the company’s ambitious growth trajectory and commitment to creating high-quality urban developments.
“The successful resolution was overseen by Amit Vijay Karia, Insolvency Professional and Partner, Incorp Restructuring Services LLP (IPE), which is another significant achievement in the resolution of complex real estate assets. His portfolio of successful assignments includes major projects such as Nirmal Lifestyle (Mulund) Pvt Ltd, Right Buildtech Pvt Ltd and Manpreet Estates LLP,” the company statement said.
“The approval of the resolution plan for the Worli project reflects the effectiveness of a collaborative and stakeholder-centric approach. The approved plan provides a balanced outcome for all stakeholders while establishing a sustainable framework for completing the project,” said resolution professional Amit Vijay Karia.
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About Mantra Group
Mantra Properties, headquartered in Pune since its inception in 2007, has built over 8 million sq ft across 16 projects, providing homes to over 7,500 families in Pune and Pimpri-Chinchwad.
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According to the company, outside Pune it has its presence in Mumbai and United Arab Emirates (UAE). In the UAE, Mantra has partnered with luxury brand Jacob & Co to develop a project on Al Marjan Island.
