Pune-based Mantra Group has strengthened its footprint in Mumbai’s real estate market by securing approval from the National Company Law Tribunal (NCLT) to revive a long-stalled residential project in Worli. The redevelopment is expected to generate an estimated revenue potential of ₹2,000 crore and marks the company’s third major acquisition in Mumbai within the past year.
The project was acquired through the Corporate Insolvency Resolution Process (CIRP), enabling Mantra Group to take over a development that had remained stalled for more than a decade due to legal disputes with landowners and financial distress. Before construction came to a halt, the previous developer had sold several residential units, leaving many homebuyers awaiting project completion.
The project will now be developed by Siddhi Raj Developers, a subsidiary of Mantra Group. The company aims to restart construction and complete the long-delayed development while addressing the interests of existing homebuyers and other stakeholders.
Rohit Gupta, Managing Director of Mantra Group, said the Worli project represents a significant milestone in the company’s expansion strategy. He noted that the acquisition reflects the group’s long-term commitment to developing landmark residential projects in Mumbai and delivering value to customers and investors. According to Gupta, the combined development potential of the company’s three Mumbai projects—located in Worli, Jogeshwari, and Mulund—stands at nearly ₹7,500 crore.
The insolvency resolution process for the Worli project was overseen by Amit Vijay Karia, Resolution Professional and Partner at Incorp Restructuring Services LLP. Karia stated that the approved resolution plan balances the interests of all stakeholders while providing a sustainable framework for completing the project. He added that the successful resolution demonstrates the effectiveness of collaborative efforts in reviving distressed real estate assets.
The Worli acquisition follows Mantra Group’s earlier project takeovers in Jogeshwari and Mulund, highlighting the company’s growing focus on redevelopment and stressed asset acquisitions in Mumbai. These acquisitions are expected to enhance the developer’s presence in one of India’s most competitive property markets.
Founded in 2007 and headquartered in Pune, Mantra Group has delivered over 8 million square feet of residential and commercial developments across 16 projects, serving more than 7,500 families in Pune and Pimpri-Chinchwad. Beyond Maharashtra, the company has also expanded internationally through projects in the United Arab Emirates, including a luxury development on Al Marjan Island in partnership with Jacob & Co.
The revival of the Worli project is expected to provide relief to homebuyers affected by years of uncertainty while contributing to the redevelopment of one of Mumbai’s prime residential locations. The NCLT-approved resolution also highlights the increasing role of insolvency mechanisms in unlocking stalled real estate projects and restoring confidence in the sector.
