In a major relief for homebuyers and stakeholders, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has lifted the abeyance on the Marvel Basilo A & B project in Pune, allowing construction and sales to finally resume after years of legal disputes, insolvency proceedings, and delays.
The regulatory green light comes after key legal battles were settled in the Bombay High Court, the National Company Law Tribunal (NCLT), and the National Company Law Appellate Tribunal (NCLAT) — clearing the road for the project’s revival nearly eight years after its initial registration in 2017.
The order was passed by MahaRERA Chairperson Manoj Saunik in Suo Motu Case No. 219 of 2022, bringing long-awaited clarity for buyers who have been stuck in limbo.
🏢 Marvel Basilo: A Timeline of Delays and Litigation
- 2013: Developer Marvel Sigma Homes Pvt. Ltd. entered into a development agreement with landowners to build Marvel Basilo A & B in Pune.
- 2017: The project was registered with MahaRERA (P52100001711) with an original completion date of 31 December 2019.
- 2019: A settlement agreement terminated the original development agreement, returning possession of land to landowners and defining co-promoter roles.
- 2020–2021: MahaRERA granted extensions, including COVID-related ones, pushing the deadline to 30 December 2021.
- 2022–2023: With disputes ongoing, MahaRERA placed the project in abeyance on 26 June 2023, halting all sales, marketing, and new bookings.
- 2023–2025: NCLAT and Bombay High Court disposed of insolvency and civil suits through settlement and consent terms.
⚖️ MahaRERA’s Order: Abeyance Lifted, Project Revived
After reviewing all settlements between the developer (Marvel Sigma Homes Pvt. Ltd.) and landowners (including Wadhwa Group Holdings Pvt. Ltd.), MahaRERA concluded that litigations have been resolved, the roles of parties are clearly defined, and the project can legally move forward.
Key directives of the order include:
- ✅ Immediate removal of the project from MahaRERA’s abeyance list.
- 🏗 Promoters can now resume advertising, booking, marketing, and sales, strictly in compliance with RERA regulations.
- 📝 Promoters must update quarterly reports, including sold and unsold inventory, within 7–30 days.
- 📂 All relevant litigation orders and settlement documents must be uploaded to the MahaRERA portal for public reference.
🏘 Impact on Homebuyers and Market
The project comprises two residential towers (A & B), with 26 units already sold before the delays began. Under the 2019 settlement, the landowners became co-promoters, sharing responsibility for refunds, construction obligations, and sale proceeds.
For homebuyers, this order means:
- 🔓 Stalled units can now move toward completion.
- 🧾 Regulatory oversight ensures accountability during the restart phase.
- 🏠 Greater transparency on legal and structural obligations between co-promoters.
📌 Why This Order Matters
The Marvel Basilo case is emblematic of hundreds of stalled housing projects across Maharashtra, where litigation between developers, landowners, and financial institutions traps buyers for years.
MahaRERA’s intervention here shows how regulatory action post-legal settlement can unlock housing stock, ensure compliance, and restore buyer confidence.
This is also one of the first few cases where MahaRERA has revived a project after settlements across multiple legal forums — High Court, NCLT, and NCLAT — making it a potential template for similar cases in the future.
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