Pune-based Mantra Group has acquired a stalled real estate project in Mumbai’s Worli with an estimated development potential of ₹2,000 crore.
The acquisition was made 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 had remained stalled for more than a decade and was entangled in litigation with landowners. The previous developer had also sold a number of units to homebuyers before the project halted.
“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,” said Rohit Gupta, Managing Director, Mantra Group.
According to the company, 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,” the company statement 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,” said Amit Vijay Karia, Resolution Professional.
About Mantra Group
Mantra Properties, headquartered in Pune since its inception in 2007, has constructed over 8 million square feet across 16 projects, providing homes to more than 7,500 families in Pune and Pimpri-Chinchwad.
According to the company, outside Pune, it has a presence in Mumbai and the United Arab Emirates (UAE). In the UAE, Mantra has partnered with luxury brand Jacob and Co to develop a project at Al Marjan island.
