MUMBAI: Mantra Group has strengthened its foothold in Mumbai’s property market after securing a landmark redevelopment project in Worli, taking the combined development potential of its three major acquisitions in the city over the past year to nearly Rs 7,500 crore.
The Worli project, with an estimated development potential of around Rs 2,000 crore, was awarded to the Pune-based developer after the National Company Law Tribunal approved its resolution plan and named Mantra the successful resolution applicant on June 19.
The project has remained stalled for more than a decade after its original developer, Siddhi Raj Developers, ran into financial difficulties and legal disputes with landowners. Several residential units had already been sold to homebuyers before construction came to a halt, leaving the project in limbo.
The Corporate Insolvency Resolution Process began in 2023 and attracted strong interest from the real estate industry, with around 20 companies submitting resolution plans before Mantra Group’s proposal was selected.
The acquisition marks the company’s third major entry into Mumbai within a year, following redevelopment projects in Jogeshwari and Mulund. Together, the three projects represent a development pipeline valued at approximately Rs 7,500 crore, reflecting the developer’s expansion beyond its traditional Pune market.
The insolvency resolution process was overseen by resolution professional Amit Vijay Karia of Incorp Restructuring Services LLP, who said the approved plan balanced the interests of stakeholders while providing a sustainable roadmap for completing the long-delayed development.
Commenting on the acquisition, Mantra Group managing director Rohit Gupta said the Worli project represents an important milestone in the company’s Mumbai growth strategy. He added that the three acquisitions demonstrate Mantra’s long-term commitment to developing landmark projects while creating value for customers, stakeholders and the city’s evolving skyline.
Founded in Pune, Mantra Properties has built more than eight million square feet across 16 large-scale projects since 2007, delivering homes to over 7,500 families. The company has also expanded internationally, entering the Dubai market through a partnership with luxury brand Jacob & Co for a project on Al Marjan Island.
The Worli acquisition is particularly significant because it revives a project that had remained stalled for more than 17 years, offering renewed hope to hundreds of homebuyers and families linked to the development. For Mantra Group, it is another step in its transition from a regional developer to a larger player in Mumbai’s competitive real estate market, where resolving distressed assets is increasingly becoming a key route for expansion.