Mumbai –Mantra Group has bagged a marquee project in Worli with development potential of Rs 2,000 crore. In last one year, the Pune-based developer has bagged three major projects with development potential of Rs 7,500 crores. The other two projects are in Jogeshwari and Mulund.
The project in question in Worli was acquired by Siddhi Raj Developers and was stuck for several over a decade as the promoter of the group Jagdish Ahuja could not complete the project and also ran into litigation with land owners. Some of the units had been sold to homebuyers.
The Corporate Insolvency Resolution Process was initiated in the National Company Law Tribunal 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 Worli project represents Mantra Group’s third major acquisition in Mumbai within the last year, following successful project acquisitions in Jogeshwari and Mulund. Collectively, the three developments offer an estimated development potential of nearly ₹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 at Incorp Restructuring Services LLP (IPE), marking another significant achievement in the resolution of complex real estate assets. His portfolio of successful assignments includes prominent projects such as Nirmal Lifestyle (Mulund) Pvt Ltd, Rite Builtec Pvt Ltd, and Manpreet Estates LLP, among others.
Commenting on the development, Amit Vijay Karia, Resolution Professional, 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.”
Rohit Gupta, Managing Director, Mantra Group, added: “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. The combined development potential of our three Mumbai projects acquired over the past year is close to ₹7,500 crore, representing a significant step in our growth journey.”
With a strong track record of execution, customer-centric development, and strategic expansion, Mantra Group continues to strengthen its position as a leading real estate developer, bringing its expertise and vision to some of Mumbai’s most sought-after locations.