Hundreds of homebuyers who invested their life savings into what was marketed as Thane's tallest residential tower are now caught in a nightmare — the 72-storey STG Star Living project has been stalled since April 2023 with only 10 floors built.
A court-appointed resolution professional is now asking them to pay Rs 5,000 more per square foot if they want construction to resume, Mumbai Mirror has reported.
After the developer's bankruptcy, the case was referred to the National Company Law Tribunal, which appointed Resolution Professional Monica Ramesh Shah.
Buyers have refused to accept her demand. "She is asking for an additional escalation cost of Rs 5,000 per square foot, which is not acceptable to homebuyers. We had a meeting on Wednesday and have decided not to agree to the demands," a homebuyer told Mumbai Mirror.
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45% Paid, Only 10 Floors Built
The project, developed by Theme Developers Private Limited — earlier known as Spenta Nova — is registered under MahaRERA with a completion deadline of Dec. 31, 2026.
That deadline looks increasingly impossible. "Nearly 45 per cent of the flat cost has already been collected from buyers, but only slab work up to the 10th floor has been completed. We strongly suspect that project funds may have been diverted elsewhere," alleged one homebuyer, according to Mumbai Mirror.
Contractors have allegedly abandoned the project over unpaid dues, and electricity to the construction site was reportedly disconnected for non-payment of bills.
Families Ruined
One buyer, a 58-year-old advocate whose family invested in 2018, told Mumbai Mirror the toll had been devastating. "We mortgaged our existing property, sold jewellery and even used my husband's provident fund savings to make payments to the builder. We were promised possession by 2023. Our dreams are shattered. More than 100 families are now stuck," she said.
A 72-year-old buyer, who had won a MahaRERA order in 2019 directing the developer to pay him Rs 5.3 crore with interest, said the Daulatani brothers — directors Vinod and Haresh Daulatani — had still not complied.
Buyers also alleged that the project's MahaRERA progress reports have not been updated since September 2021, and that audited financial statements for FY 2022-23 were never submitted.
Responding to Mumbai Mirror, Vinod Daulatani said the matter was before the NCLT and declined detailed comment, citing pandemic-related difficulties and costs related to the project's origins as a slum redevelopment scheme.
Notably, former Indian cricket captain Kapil Dev had been associated with the project as brand ambassador and had reportedly invested in a unit.
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