The ambitious 72-storey STG Star Living residential project in Thane, once marketed as the city’s tallest tower, has stalled at just 10 floors since April 2023, leaving hundreds of homebuyers in limbo amid ongoing insolvency proceedings and a fresh financial demand linked to project revival.
The project, developed by Theme Developers Private Limited—formerly known as Spenta Nova—is registered under MahaRERA with a completion deadline of December 31, 2026. However, construction has remained suspended for nearly two years after the developer entered bankruptcy proceedings, with the case now under the National Company Law Tribunal (NCLT) and a court-appointed resolution professional overseeing the process.
According to reports, Resolution Professional Monica Ramesh Shah has proposed that homebuyers pay an additional Rs 5,000 per square foot as an escalation cost to restart construction. The proposal has been strongly opposed by buyers, who argue that they have already paid a substantial portion of the agreed amount and should not be burdened with additional costs for project revival.
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Homebuyers claim that nearly 45 per cent of the total flat cost has already been collected, while construction has progressed only up to the 10th floor. Some have also alleged possible fund diversion, pointing to unpaid contractor dues, stalled site activity, and reports of electricity disconnection due to non-payment of bills. Many say they have exhausted life savings, taken loans, and liquidated assets in anticipation of possession originally promised by 2023.
The financial and legal uncertainty has deepened frustration among affected families, some of whom have obtained orders from MahaRERA in earlier years that remain unenforced. Buyers also allege that project disclosures and regulatory filings have not been updated in a timely manner, further complicating transparency around the stalled development.
The developer, Vinod Daulatani, has stated that the matter is currently before the NCLT and declined detailed comment, citing financial pressures and delays linked to the project’s original slum redevelopment structure. Meanwhile, the case continues to highlight broader concerns over delayed real estate projects and buyer protection under India’s insolvency and regulatory framework.
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