21 February,2026 09:02 AM IST | Mumbai | Archana Dahiwal
File pic
For dozens of middle-class families, buying a home in Pune was meant to mark stability and security. Instead, for buyers in the Marvel Isola - J Phase II project in Mohammadwadi, it has turned into a decade-long wait marked by loans, rent, and legal battles.
Many buyers booked flats between 2013 and 2014, were promised possession by 2016, and say they are still waiting either for homes or refunds.
Radhakrishna Chetlapalli,
who booked a flat in 2014, says the wait has stretched across generations. "My children were in school when we booked. Today they are settled in careers, and I am retired, but we still have no flat or refund," he said.
Jay Nihlani,
who booked in 2013, said he continues to pay both EMIs and rent. "Thirteen years later, I am still paying the loan and living in a rented house, paying rent of Rs 30,000 to Rs 40,000 per month. I don't even want the flat anymore, I just want my money back," he said. Buyers also say two members of the group died while waiting for a resolution.
. Some buyers are NRIs who now question investment security in Indian real estate.
The group has written to:
. Prime Minister Narendra Modi
. Maharashtra CM Devendra Fadnavis
. Pune Police and district authorities
. They say no decisive action has followed.
"We understand the concerns of our homebuyers and sincerely regret the delay. The project was impacted due to a dispute with the lending bank and the exit of a financial partner. These matters are now resolved, and we expect completion within the next 3-4 months. We are also compensating buyers by enhancing amenities and upgrading specifications."
. For many, issue has moved beyond delayed possession to financial strain and lost years.
. Buyers say they are planning a public campaign to warn others about risks
2013 Project launched
2014 Agreements signed
2016 Possession promised
2016-17 Construction stalls
2022 MahaRERA orders in buyers' favour
2025 NCLT admits insolvency petition
2026 Buyers allege settlement defaulted again
2018-19 Buyers approach MahaRERA after delays; promoter reportedly promises refunds with interest during conciliation
March 2022 MahaRERA passes orders in favour of buyers, but they allege no compliance
2019 onward Complaints filed with local police and Economic Offences Wing, but no resolution
Nov 2019 Buyers move NCLT Mumbai under Insolvency and Bankruptcy Code
June 13, 2025 NCLT admits plea, initiates insolvency process
Late 2025 Promoter seeks withdrawal, offers structured settlement in instalments
Dec 2025 & Jan 2026 Buyers allege instalments missed, dispute continues
Project
Marvel Isola - J Phase II
Location
Mohammadwadi, Pune
Launch year
2013
Promoter: Marvel Landmarks Pvt Ltd
Flats planned
22 initially, later increased to 44
Bookings in early phase
~18 flats
Promised possession
June 2016
Status: Stalled since 2016-17, buyers allege
Flat prices at booking
Around Rs 1.8-Rs 2 Crore
Many buyers:
. Took large home loans (amounts vary case by case)
. Continue paying EMIs years after booking
. Also paying rent while awaiting possession
Legal expenses: Some buyers say they have spent R15-20 lakh each on cases and follow-ups
