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Construction has resumed at the 9-acre Majaswadi Sarvodayanagar redevelopment project in Jogeshwari East after the final occupants vacated the site, ending a 17-year delay that had stalled the MHADA redevelopment scheme. The project, comprising 576 MHADA tenements, was previously undertaken by Acme Realties before insolvency proceedings halted development. Following approval by the National Company Law Tribunal (NCLT), Mantra Group assumed responsibility for completing the redevelopment, including homes for remaining tenants and two partially completed sale towers. The company has also secured an investment of INR 340 crore from ASK Property Fund to support the project's revival, with construction now underway across the fully cleared site.
Construction has gathered pace at the Majaswadi Sarvodayanagar redevelopment project in Jogeshwari East after the last remaining occupants handed over possession of the site, enabling work to commence across the entire 9-acre property. The development marks the revival of a redevelopment scheme that had remained stalled for nearly 17 years.
The project comprises the redevelopment of 576 MHADA tenements and was originally undertaken by Acme Realties. The previous developer completed three rehabilitation towers accommodating 171 of the original residents and launched two sale towers, through which homes were sold to approximately 350 buyers. However, the project remained incomplete after the developer encountered financial difficulties.
According to the information shared by the developer, Acme Realties had raised substantial funding to execute the scheme, with liabilities reaching approximately INR 4,326.72 crore by the time the matter was admitted before the National Company Law Tribunal (NCLT). Following delays in project completion, homebuyers approached the tribunal seeking resolution.
Subsequently, the NCLT approved Mantra Group's resolution proposal, under which the company assumed responsibility for completing the two sale towers purchased by around 350 homebuyers and constructing rehabilitation housing for the remaining tenants. A large proportion of the original residents had already vacated their homes while awaiting completion of the redevelopment.
With vacant possession of the entire site now secured, heavy machinery has been deployed and construction activity has resumed across the project. This is the first time in several years that large-scale on-site development work has progressed without physical encumbrances.
To support the redevelopment, Mantra Group has secured an investment of INR 340 crore from ASK Property Fund. The funding is expected to assist in completing both the rehabilitation and sale components of the project.
Commenting on the development, Rohit Gupta, Managing Director of Mantra Group, said the company was committed to completing the long-delayed project for both rehabilitation tenants and homebuyers who had waited several years for possession. He stated that, with the site now fully cleared, construction teams were working to expedite delivery and fulfil the commitments made under the approved resolution plan.
The redevelopment site is located off the Jogeshwari-Vikhroli Link Road (JVLR), providing connectivity to key commercial districts and transport corridors across Mumbai.
The revival of the Majaswadi Sarvodayanagar project represents one of the city's significant stalled redevelopment schemes to resume construction following insolvency proceedings, with the approved resolution expected to benefit hundreds of rehabilitation beneficiaries and homebuyers awaiting completion of the project.
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