Mulund Homebuyers Stage Protest Over Decade and half -Long Delay at Raj Altezza Project, Demand Time-Bound Completion
Affected families request NCLT and IBBI intervention, seek interim funding and transparent homebuyers’ participation in CoC meetings to finish the nearly complete building
MUMBAI, INDIA — OCTOBER 11, 2026 ( TGN ): Homebuyers of the long-delayed Raj Altezza project in Mulund West staged a peaceful protest at the project site on October 11, demanding an immediate resumption of construction, the resolution of pending statutory approvals, and a time-bound roadmap for possession. Organized by the Raj Altezza Homebuyers Association, the demonstration highlighted the plight of approximately 107 affected claimants who have been waiting for their homes for over a decade while simultaneously bearing the burden of home loans and rental expenses.
Construction on the project, developed by M/S Rajguru Developers Pvt. Ltd., originally commenced in 2013. While the structural component of the sale building stands substantially complete, finishing work has remained entirely stalled since 2019. Despite the commencement of the Corporate Insolvency Resolution Process (CIRP) before the Mumbai Bench of the National Company Law Tribunal (NCLT) on April 24, 2024—and the subsequent holding of 26 Committee of Creditors (CoC) meetings—homebuyers allege that no convincing or actionable roadmap for completion has been established.
Financial Viability and Statutory Hurdles
Data presented by the Homebuyers Association indicates that the project is financially viable for completion if resources are managed effectively:
Rs 95.15 crore has already been paid or contributed by the existing homebuyers.
Rs 53.4 crore remains collectively payable by buyers, subject to verification and terms.
Rs 25 crore in estimated potential value is tied up in 16 unsold flats within the project.
Rs 40–45 crore (including taxes) is the estimated remaining cost required to fully complete the unfinished work.
To bridge the gap and prevent further indefinite delays, the Association is actively seeking the consideration of interim finance to restart construction immediately rather than waiting for the final conclusion of the broader corporate resolution process.
Beyond funding, the project faces critical administrative roadblocks. Homebuyers are urging authorities to address a stop-work order dated September 1, 2021, and resolve pending environmental and Slum Rehabilitation Authority (SRA) clearances. The RP has submitted an application on July 16, 2026, requesting the legal de-clubbing of the Raj Altezza sale building from related SRA scheme issues to expedite approvals. But nothing has progressed in the last three months.
Demands for Accountability and Transparency
Homebuyers expressed deep dissatisfaction with their lack of inclusion in the ongoing insolvency proceedings, alleging that their Authorised Representative (AR) has failed to respond to queries or properly highlight homebuyer concerns during CoC meetings.
Rajesh V. Sawant, Secretary of the Raj Altezza Homebuyers Association, stated:
“Homebuyers have waited for more than a decade for homes in a building whose structure is substantially complete. We are not seeking preferential treatment; we are seeking a practical, transparent, and time-bound solution. We believe every lawful and financially viable option, including eligible outstanding homebuyer contributions, realisation of unsold inventory, and interim finance, should be examined urgently to complete the project.
At the same time, homebuyers must have meaningful participation in decisions that directly determine the future of their homes. We want timely sharing of CoC meeting outcomes, meaningful pre-meeting consultations, and prompt responses to our written representations. We are also requesting the NCLT and IBBI to consider allowing homebuyers to represent their concerns directly in CoC meetings, particularly given the significant role played by lenders in the process.
We also urge the RP, CoC representatives, principal lenders, Authorised Representative, and the Homebuyers Association to come together for a joint meeting and agree on a practical, funded, and time-bound completion strategy. Our objective is not confrontation; it is accountability, transparency, and the completion of our homes.”
One of the Homebuyer said, “We are willing to take over the project and complete it ourselves, all we need is support from the authorities and necessary permissions and our association will put in the remaining funds and complete the project”.
Another homebuyer said “My father passed away in grief of not seeing his dream of a home fulfilled, he used to walk daily to the site and pray that he gets to spend his remaining days with his family here. And the young age member Mr. Rahul Visariya age 45 lost life who stay on rent due to tress of finance. There are about 4 or 5 more persons who have died in mental stress and there are more persons who may follow. Please save our families”
Call to Action
The Raj Altezza Homebuyers Association has formally appealed to the Maharashtra Government, concerned SRA and environmental authorities, elected representatives, and insolvency regulators—including the Insolvency and Bankruptcy Board of India (IBBI)—to intervene. They demand an immediate milestone-based construction schedule with interim finance or handing over the project to homebuyers for self-completion, transparent disclosure of verified project finances, and that the IBC direct the IBBI to ensure homebuyers’ representatives are in the CoC instead of the AR in meetings to safeguard homebuyers’ interests.
