Mumbai: HDIL homebuyers protest in Mumbai after 17 years of stalled Mulund, Nahur Projects.
Hundreds of HDIL homebuyers protested at Mumbai’s Azad Maidan after waiting nearly 17 years for stalled Mulund and Nahur housing projects. Buyers, many now senior citizens, demanded speedy NCLT resolution, action against former HDIL directors, and relief from ongoing EMIs and property tax burdens. The protest highlights prolonged financial, emotional, and social distress faced by families who invested lifetime savings in homes promised more than a decade ago.
HDIL buyers staged a protest at Mumbai’s Azad Maidan, alleging long-term cheating after investing in stalled Mulund and Nahur housing projects since 2009–10.
The demonstrators demanded urgent intervention by authorities, speedy National Company Law Tribunal resolution, accountability for former HDIL directors, and relief from what they called unfair municipal property tax demands.
Friday’s march was led by LIC employee Sheetal Kharat, who said families had invested lifetime savings into homes promised by 2014 but left incomplete for nearly seventeen years.
Most protesters are now senior citizens, having booked flats in HDIL’s Majestic Tower at Nahur and Whispering Tower at Mulund West between 2009 and 2010.
Homebuyers said repeated assurances, site visits, and correspondence over years yielded no results, while construction remained frozen and basic infrastructure at the project sites deteriorated steadily.
They described a ‘double jeopardy’ of paying housing loan EMIs on undelivered flats while also spending heavily on rent, education, and healthcare costs for families nationwide today.
Several families reported severe mental stress during the prolonged wait, with some elderly buyers dying before receiving possession, turning promised security into years of anxiety.
HDIL Stalled Projects Leave Mulund, Nahur Buyers in Prolonged Distress
Sharing her experience, Kharat said buyers invested during middle age, trusting a reputed listed developer, but now face retirement without homes, savings, or certainty about futures.
Another buyer, Vasudevan, booked a Majestic Tower flat in 2010 after marriage and continues paying EMIs seventeen years later without possession or closure despite repeated appeals.
HDIL was once among India’s largest listed real estate firms, launching massive residential projects in Mulund and Nahur during the peak property boom years of expansion.
Approximately four hundred buyers invested in Majestic Tower and nearly four hundred fifty in Whispering Tower, before HDIL’s mounting debts brought construction to a halt.
The situation worsened after the 2019 Punjab and Maharashtra Cooperative Bank scam exposed deep financial irregularities linked to HDIL’s borrowings across multiple accounts and shell entities.
Reserve Bank of India findings showed nearly seventy-three percent of PMC Bank’s loan book, about rupees six thousand five hundred crore, allegedly routed to HDIL.
Following the revelations, HDIL entered the Corporate Insolvency Resolution Process in 2019 after Bank of India approached the National Company Law Tribunal seeking recovery measures.
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PMC Bank Scam, NCLT Delays Compound HDIL Homebuyers’ Crisis
Homebuyers said eighteen lenders dominated the Committee of Creditors, while buyers collectively held only twelve percent voting rights, limiting influence over critical decisions during insolvency proceedings.
After extended litigation before NCLT, NCLAT, and the Supreme Court, buyers secured a project-wise resolution framework in 2020 offering conditional hope for completion of stalled projects.
Resolution plans by Suraksha Khyati and Dosti were later approved by the Committee of Creditors, yet final NCLT approval remains pending since 2022 despite statutory timelines.
Protesters alleged former HDIL directors, currently out on bail, repeatedly file applications to delay proceedings, violating the Insolvency and Bankruptcy Code’s three hundred thirty-day limit.
They also criticised the Municipal Corporation of Greater Mumbai for levying property tax on incomplete buildings using higher FSI calculations, contrary to Supreme Court directives.
At Azad Maidan, buyers demanded swift judicial disposal, strict compliance with court orders, criminal charges against responsible executives, and intervention from elected representatives, Sprouts News Special Investigation Team observed.
Appeal to Readers:
Investigative journalist Unmesh Gujarathi has exposed multiple cases of builders’ irregularities and arrogance. If you are facing harassment, fraud, project delays, or any unethical practices by builders, feel free to contact us and share your story.
