RAJ ALTEZZA HOMEBUYERS STAGE PROTEST OVER PROLONGED DELAY, DEMAND TIME-BOUND COMPLETION OF NEARLY FINISHED MUMBAI PROJECT
MUMBAI, October 11, 2026 – Homebuyers of the long-delayed Raj Altezza residential project in Mulund West staged a peaceful protest at the project site today, demanding immediate construction resumption, resolution of pending statutory hurdles, and a clear, time-bound roadmap for possession.
Organised by the Raj Altezza Homebuyers Association at Ambika Nagar, J.N. Road, Mulund West, the protest highlighted the plight of families who have been waiting over a decade for their homes. The project is being developed by M/S Rajguru Developers Pvt. Ltd.
According to the Association, construction commenced in 2013. While the primary sale building is substantially complete, finishing works have been completely stalled since 2019. Consequently, over 107 affected families continue to endure the dual financial burden of paying rent and servicing home loans without any clear timeline for handing over possession.
Stalled Insolvency Resolution and Financial Breakdown
The Corporate Insolvency Resolution Process (CIRP) for Rajguru Developers Pvt. Ltd. commenced before the Mumbai Bench of the National Company Law Tribunal (NCLT) on April 24, 2024. The Association alleged that despite 26 Committee of Creditors (CoC) meetings, no convincing, time-bound roadmap has emerged. To bypass the deadlock, homebuyers are urging the consideration of interim finance to restart unfinished work rather than waiting indefinitely for a broader resolution.
The Association presented a detailed financial overview of the project:
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- Paid/Contributed by Homebuyers: Approximately ₹95.15 crore.
- Remaining Payable by Homebuyers: Around ₹53.4 crore (subject to verification).
- Unsold Inventory: 16 flats with an estimated potential value of ₹25 crore.
- Estimated Cost to Complete: Approximately ₹45–50 crore (including taxes).
Demands for Accountability and Governance Intervention
Homebuyers also highlighted critical, unresolved administrative bottlenecks. They are seeking the de-clubbing of the Raj Altezza sale building from related Slum Rehabilitation Authority (SRA) scheme issues wherever legally permissible. An official application for this de-clubbing was submitted on July 16, 2026. Additional pending issues include securing environmental clearance and revoking a stop-work order dated September 1, 2021.
The Association expressed strong dissatisfaction with their current representation in the insolvency proceedings, alleging that their Authorised Representative (AR) has failed to respond to queries, highlight concerns in the CoC, or engage in meaningful discussions with the homebuyers.
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 requesting the NCLT and IBBI to consider allowing homebuyers to represent their concerns directly in CoC meetings. We also request the IBBI to have direct representation in CoC meetings to oversee decision-making. Our objective is not confrontation; it is accountability, transparency, and the completion of our homes.”
Key Demands Layout by the Association:
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- Immediate Timeline: Delivery of a milestone-based construction schedule.
- Funding Actions: Securing interim funding to immediately execute the remaining ₹45–50 crore finishing work.
- Administrative Approvals: Expedited consideration of the de-clubbing request alongside pending SRA and environmental clearances.
- Enhanced Transparency: Full disclosure of verified project finances and direct homebuyer consultation prior to CoC meetings.
The Raj Altezza Homebuyers Association has issued an urgent appeal to the Maharashtra Government, SRA, environmental authorities, elected representatives, the Insolvency and Bankruptcy Board of India (IBBI), and the NCLT to intervene lawfully and protect the legitimate interests of these 107 families.
