Pune Homebuyers Allege Nine-Year Delay, Regulatory Breaches By Marvel Realtors
Pune Homebuyers Allege Nine-Year Delay, Regulatory Breaches By Marvel Realtors
Pune, January 21, 2026: A group of Pune homebuyers has accused Marvel Landmarks Private Limited (Marvel Realtors) of prolonged delay, regulatory non-compliance, and repeated breach of legally recorded commitments related to the Marvel Isola – J Building project. According to documents shared by affected buyers, the dispute spans more than nine years and includes interventions from MahaRERA, police authorities, and insolvency courts.
Homebuyers booked apartments between June and August 2014, signing Agreements for Sale for units priced around ₹1.95 crore. The builder committed to hand over possession on or before June 30, 2016. Substantial payments were made during the construction phase, sourced from savings and home loans. However, possession was not delivered by the agreed date, and construction gradually stalled between 2016 and 2017.
After multiple assurances from promoter Vishwajeet Jhavar failed to translate into progress, buyers approached the Maharashtra Real Estate Regulatory Authority (MahaRERA) in 2018–2019. Conciliation meetings resulted in a recorded commitment from the promoter to refund money with interest, but no payments were made. In March 2022, MahaRERA passed orders in favour of homebuyers, yet compliance did not follow.
Parallel complaints were filed with local police and the Economic Offences Wing, but these efforts also failed to secure relief.
In November 2019, homebuyers invoked Section 7 of the Insolvency and Bankruptcy Code before the NCLT, Mumbai. On June 13, 2025, the tribunal admitted the petition and initiated the Corporate Insolvency Resolution Process (CIRP). Shortly thereafter, the promoter sought withdrawal and proposed a written settlement with assured payouts in three instalments, backed by timelines and security.
The NCLAT and NCLT allowed withdrawal through late 2025. However, the builder allegedly defaulted again, missing the first two instalments due on December 27, 2025, and January 12, 2026. Buyers claim repeated attempts to contact the promoter have gone unanswered, leaving the dispute unresolved even after court-backed settlement terms.
Pune Pulse’s attempts to reach out to the builder didn’t yield any result.
