Mantra’s ₹340 Cr Power Move: Rescuing Mumbai’s Stalled Dreams

Mantra Group has secured ₹340 crore in financing from ASK Property Fund, part of the Blackstone-backed ASK Asset & Wealth Management Group.

The funding will enable Mantra to complete its ₹3,000 crore Jogeshwari redevelopment project in Mumbai, which has been stalled for over 17 years. Acquired through the National Company Law Tribunal (NCLT) route, the project had faced prolonged delays, leaving 576 families and 350 homebuyers without possession of their homes. The fresh capital will also support the development of two additional projects in Pune.

The Jogeshwari project spans nine acres, while the Pune developments are located in Wakad (five acres) and Mundhwa (eight acres). Mantra will also resolve pending obligations left by the previous developer, Acme Realties, including rehousing the original occupants. With this funding, the group expects to unlock a total development potential exceeding ₹3,000 crore.

News by Rahul Yelligetti.