In a significant relief for homebuyers caught in a stalled slum redevelopment project in Andheri, MahaRERA has directed the new developer to withhold full payment to the outgoing builder until old buyers’ dues are cleared. The order revives the project while ring-fencing the interests of allottees who booked flats with the original promoter years ago.
The case revolves around “Nest Wing B” (MahaRERA Reg. No. P51800011373), a slum rehabilitation scheme on CTS Nos. 193, 196 and parts thereof in Andheri (Mumbai Suburban). Here’s the exact chronological sequence of events that led to the February 2, 2026 order:
2017: SSSC Escatics Pvt. Ltd. registers the project with MahaRERA. Proposed completion date is March 31, 2019 (later revised to March 31, 2020). 2017–2021: SSSC takes an ₹80-crore loan from Altico, defaults, and the debt is assigned to Asset Care and Reconstruction Enterprise Ltd. (ACRE). July 2021: ACRE takes symbolic possession. September 2023: ACRE obtains physical possession through court orders. May 2022–December 2022: ACRE approaches SRA for change of promoter under the Amnesty Scheme. March 18, 2024: Sainagar Seva CHS and Shivshakti CGS file applications under Section 13(2) of the Maharashtra Slum Areas Act seeking removal of SSSC. October 24, 2024: SRA terminates SSSC as developer and formally appoints M86 Residency Private Limited as the new promoter. SRA issues fresh Letter of Intent on December 24, 2024 and amended Intimation of Approval on March 19, 2025. September 25, 2025: M86 applies for fresh RERA registration (REPR1181012500334), citing multiple legacy non-compliances in the old registration. December 15, 2025: MahaRERA hears the matter. Allottees appear through advocates and raise concerns about their rights. February 2, 2026: MahaRERA passes the landmark order.
In its 12-page reasoned order, the Authority clarified that this was not a voluntary transfer under Section 15 of RERA (which would have shifted liabilities to the new promoter). Instead, it was a statutory removal by SRA due to the old promoter’s defaults. Therefore:
- M86 Residency Private Limited will receive a fresh RERA registration number and can now market, sell and fund the project cleanly.
- The old registration P51800011373 is placed in abeyance (kept alive but suspended) so that existing allottees can continue filing complaints against SSSC Escatics for refunds, interest, or penalties.
- A lien has been imposed on any reimbursement amount M86 owes to SSSC (to be valued by a government-approved valuer). This money cannot be fully released until SSSC settles claims of its old buyers.
- SSSC is barred from any further sales or marketing in the project.
- ACRE (the lender) is explicitly not treated as a promoter — its role remains only that of a secured creditor.
For homebuyers who booked with SSSC years ago, the message is clear: your agreements and claims remain enforceable against the original promoter, and MahaRERA has created a practical safety net through the lien and the abeyance mechanism. If SSSC fails to pay, the withheld funds can be used to satisfy those claims.
The project, which was languishing due to non-performance and funding issues, can now move forward under the new developer with fresh approvals and timelines. MahaRERA has balanced two goals — reviving a stalled SRA scheme so that rehabilitation and sale components can be completed, while ensuring that duped homebuyers are not left high and dry.
Also Read: Developers With Incomplete RERA Applications Asked to Reapply After MahaRERA Closes Old Portal Cases
