The dream of owning a luxury home in Maharashtra's Thane has turned into a financial nightmare for more than 100 homebuyers of the stalled STG-Star Living project. Marketed as a 72-storey premium residential tower, the project has remained stuck at the 10th floor for over three years. There are reports that its developer, Theme Developers Pvt Ltd, is now facing financial trouble.
The project, earlier known as Spenta Nova, was later rebranded as STG-Star Living. It was marketed as a luxury 72-storey residential tower, for which the buyers were assured possession by December 2026. However, only slab work up to the 10th floor has been completed, raising serious doubts about the firm's commitments.
Buyers now allege that despite paying nearly 45–50% of their flat costs, construction stopped in April 2023. After the matter reached the NCLT, a court-appointed resolution professional suggested payment of an additional Rs 5,000 per sq ft to restart construction. Refusing the plan, many are now alleging fund diversion and compliance failures by the firm.
Project Details
On the official website of STG Group, the stalled STG-Star Living project in Thane has been marketed as a luxury 72-storey residential tower and promoted as one of the tallest buildings in the city.
The project is highlighted as having features such as a 51,000 sq ft clubhouse and more than 40 sky-level amenities. The promotional material claims the building will include a 360-degree infinity pool and offer panoramic city views from a height of 235 metres.
According to the developer, the tower is designed to offer ultra-premium 2BHK to 6BHK apartments. The project is also advertised for its prime location at Teen Hath Naka in Thane, with proximity to major landmarks. It is promoted as being close to popular entertainment destinations such as R Mall, Korum Mall and Viviana Mall. The website also highlights connectivity to the Eastern Express Highway, Thane railway station and Mumbai airport.
The developer further claimed that several schools were located nearby and stated that the project had been registered under MahaRERA.
What Homebuyers Allege?
Homebuyers told Mumbai Mirror that they learned about the builder's bankruptcy through media reports in August 2025. They alleged that construction at the STG-Star Living project in Thane remains stalled since April 2023.
Some buyers also alleged possible diversion of funds to other projects and SRA obligations. According to the Mumbai Mirror report, the crisis at the stalled site has worsened, with contractors allegedly abandoning work over unpaid dues. Buyers also claimed that electricity supply to the construction site was disconnected because of pending payment bills.
Many homebuyers also alleged lapses in statutory compliance. They claimed that quarterly and annual progress reports of the project have not been updated on the MahaRERA website since September 2021. Buyers claimed the project faced a major cash crunch after a private financier allegedly stopped loan disbursements over the past eight months. When the buyers tried to raise concerns with the developer, they were told that the delay is happening due to the “ongoing loan processing”.
The buyers have accused the directors of Theme Developers Private Ltd., Vinod and Haresh Daulatani, of causing financial distress and mental harassment to families waiting for their homes.
Responding to the allegations, Vinod Daulatani told Mumbai Mirror that the matter is pending before the NCLT and declined detailed comment.
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