2 weeks ago
NCLT Resolutions Target India’s Large Stalled Housing Projects
Many housing projects in India have stopped or been delayed for years.
Mumbai and Pune are among the places with the most delayed homes.
Some developers are now using the NCLT insolvency process to take over these projects.
They believe the projects can be completed if new money and better management are provided.
Mantra Properties has projects in Mumbai with potential development value of Rs 7,500 crore.
Alpha Corp Development acquired three projects and plans to invest Rs 750 crore.
This can give homebuyers a clearer chance of receiving their homes.
Experts say courts and regulators must work more efficiently to make these solutions faster.
Mumbai and Pune have among India’s largest concentrations of delayed housing stock.
Mantra Properties has built an NCLT-sourced pipeline worth an estimated Rs 7,500 crore.
Mantra’s projects include Nirmal Lifestyle Mulund, Siddhi Raj in Worli and Mantra Marquis in Jogeshwari East.
Alpha Corp Development acquired three stalled projects in Greater Noida and Gurugram, benefiting more than 3,000 buyers.
Experts say faster judicial capacity, clearer IBC-RERA coordination and buyer-backed pre-pack plans could speed resolutions.
- Who
- Mantra Properties, Alpha Corp Development, investors, homebuyers and legal and real-estate experts are involved.
- What
- Stalled housing projects are being acquired and revived through the National Company Law Tribunal insolvency process.
- Where
- The projects are located in Mumbai, Pune, Greater Noida and Gurugram, with examples in Mulund, Worli and Jogeshwari East.
- When
- Nirmal Lifestyle Mulund entered CIRP in July 2023; its plan was approved in April 2026, while Mantra was named successful resolution applicant for Siddhi Raj in June 2026.
- Why
- Developers are seeking to unlock value from projects that have land, approvals or market potential but were stalled by capital and execution problems.
Key facts
- Stalled housing in Mumbai Metropolitan Region
- About 1.50 lakh units valued at Rs 1.52 lakh crore, according to ANAROCK estimates.
- Stalled housing in Pune
- About 50,000 units valued at Rs 29,400 crore.
- Mantra Properties pipeline
- NCLT-sourced projects with estimated development potential of Rs 7,500 crore.
- Nirmal Lifestyle Mulund
- Its resolution plan includes a Rs 201 crore equity infusion to restart construction.
- Mantra Marquis
- The 9-acre Jogeshwari East project received Rs 340 crore from ASK Property Fund and has an estimated value of about Rs 3,000 crore.
- Alpha Corp acquisition
- Three stalled projects have a resolution-plan investment of Rs 750 crore and projected revenue potential of Rs 1,200 crore.
- Real estate insolvency share
- Real estate accounts for approximately 20% of Corporate Insolvency Resolution Process admissions under the Insolvency and Bankruptcy Code.
Quotes
Soumitra Majumdar
Partner, JSA Advocates and Solicitors
“"Large developers today are increasingly willing to participate in NCLT‑led opportunities because the underlying assets are often fundamentally strong but suffer from capital or execution challenges. We believe the next few years will see faster resolutions, greater institutional participation and a meaningful reduction in stalled housing inventory across key markets."”
financialexpress.com
“"Homebuyers benefit from greater clarity on project completion and delivery, and revival of stalled projects can help boost buyer confidence, support the recovery of dormant housing stock."”
financialexpress.com
Sources
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