By Staff Reporter MUMBAI — In a landmark move for the city’s real estate sector, hundreds of families in Jogeshwari are finally seeing a path home. After nearly two decades of legal battles and construction delays, the Maharashtra Housing and Area Development Authority (MHADA) has officially withdrawn its “stop-work” notice on a massive 9-acre redevelopment project.
The project, which involves the Majaswadi Sarvodayanagar Co-operative Housing Society, has been in a state of limbo since 2008. The revival marks one of the longest-running real estate rescues in the city’s history, bringing hope to 576 original tenants and 350 homebuyers who have waited 17 years for their front-door keys.
New leadership and financial backing
The turnaround follows a successful intervention by the National Company Law Tribunal (NCLT). After the original developer failed to complete the work, the Pune-based Mantra Group was appointed to take over the site.
To ensure the project does not stall again, the new developer has secured ₹340 crore in funding from the Blackstone-backed ASK Property Fund. This capital is being used to clear years of unpaid rent to the original residents and to kickstart construction on the unfinished towers.
Ending the financial burden
For many buyers, the delay has been a heavy weight. Homeowners who booked apartments as young professionals in 2013 are now in their 40s, having spent years paying both bank loans (EMIs) and rent for temporary housing.
“It is a big relief”, said one homebuyer who booked a flat over a decade ago. “At least now, through the NCLT process, we can finally see light at the end of the tunnel”.
The road ahead
Under the new resolution plan, the developer aims to:
- Complete construction of the remaining towers within the next 18 months.
- Rehabilitate the remaining families still waiting for their permanent homes.
- Modernize the local infrastructure within the 9-acre land parcel.
A growing trend in Mumbai
This revival is part of a broader push by MHADA to resolve the crisis of stalled redevelopments. With over 16,000 aging buildings in Mumbai requiring urgent attention, the housing authority has signaled that it will step in more frequently to rescue projects where private builders have failed.
For the residents of Jogeshwari, the lifting of the stop-work notice is more than just a regulatory update, it is the end of a 17-year wait for the simple stability of a home.
Also read – BMC Crackdown: 106 Mumbai construction sites ordered to stop work over dust violations
Disclaimer – This article is for informational purposes only. Readers should verify specific project details and legal statuses with official authorities or legal counsel before making any financial or real estate decisions.
Source – Hindustan Times
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