Mumbai: Kalpataru Immensa, the project for which the home buyers had demonstrated, is part of the larger Kalpataru Park City project in Thane's Kolshet Road-Balkumb area. This is not the only project of the developers that are stuck.
Nearly, a month ago, different set of homebuyers protested inside CREDAI-MCHI's property exhibition where the developer had put up a stall to market its real estate projects.
In October, the homebuyers were asking the developer to deliver homes at Kalpataru Immensa as well as Kalpataru Radiance in Goregaon. The protest inside the exhibition also turned out to be beneficial to the prospective homebuyers, who got alerted of the builder's inability to honour its project delivery schedule.
The Immensa project, which has seven wings in all, had a project completion timeline of September 2021. The builder has revised it by over four years to December 2025, raising eyebrows of those within the real estate industry as well.
“For about five years now, Kalpataru as a developer has been under stress. Hence, it is unable to deliver on the projects as well, though it has been marketing as if nothing is wrong within,” said an industry insider to The Free Press Journal.
He added, “Kalpataru as a Group is a diversified business group. They have interest and exposure into power transmission, logistics, infrastructure construction and facility management services. It also has some land banks, which can be monetised to bail itself out. Unlike other developers who emerged out of nowhere in the Mumbai realty landscape, Kalpataru has been an established player. Some over leveraging put them into this current position.”
The Free Press Journal tried to reach out to Kalpataru’s Founder and Chairman Mofatraj P. Munot and is yet to get a response on the subject.
