EMIs, rent and no flat: Pune families face 13-year housing limbo

For dozens of middleclass families buying a home in Pune was meant to mark stability and security Instead for buyers in the Marvel Isola mdash J Phase II project in Mohammadwadi it has turned into a decadelong wait marked by loans rent and legal battlesMany buyers booked flats between 2013 and 2014 were promised possession by 2016 and say they are still waiting either for homes or refundsBuyer voicesRadhakrishna Chetlapalliwho booked a flat in 2014 says the wait has stretched across generations ldquoMy children were in school when we booked Today they are settled in careers and I am retired but we still have no flat or refundrdquo he saidJay Nihlaniwho booked in 2013 said he continues to pay both EMIs and rent ldquoThirteen years later I am still paying the loan and living in a rented house paying rent of Rs 30000 to Rs 40000 per month I donrsquot even want the flat anymore I just want my money backrdquo he said Buyers also say two members of the group died while waiting for a resolutionWider impact Some buyers are NRIs who now question investment security in Indian real estateThe group has written to Prime Minister Narendra Modi Maharashtra CM Devendra Fadnavis Pune Police and district authorities They say no decisive action has followed Builderrsquos responseldquoWe 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 34 months We are also compensating buyers by enhancing amenities and upgrading specificationsrdquoWhat home buyers say now 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 risksConstruction timeline2013 Project launched2014 Agreements signed2016 Possession promised201617 Construction stalls2022 MahaRERA orders in buyersrsquo favour2025 NCLT admits insolvency petition2026 Buyers allege settlement defaulted againLegal battles across forums2018ndash19 Buyers approach MahaRERA after delays promoter reportedly promises refunds with interest during conciliationMarch 2022 MahaRERA passes orders in favour of buyers but they allege no compliance2019 onward Complaints filed with local police and Economic Offences Wing but no resolutionNov 2019 Buyers move NCLT Mumbai under Insolvency and Bankruptcy CodeJune 13 2025 NCLT admits plea initiates insolvency processLate 2025 Promoter seeks withdrawal offers structured settlement in instalmentsDec 2025 amp Jan 2026 Buyers allege instalments missed dispute continuesProject snapshotProjectMarvel Isola ndash J Phase IILocationMohammadwadi PuneLaunch year2013Promoter Marvel Landmarks Pvt LtdFlats planned22 initially later increased to 44Bookings in early phase18 flatsPromised possessionJune 2016Status Stalled since 201617 buyers allegeFinancial burdenFlat prices at bookingAround Rs 18Rs 2 CroreMany buyers Took large home loans amounts vary case by case Continue paying EMIs years after booking Also paying rent while awaiting possessionLegal expenses Some buyers say they have spent R15ndash20 lakh each on cases and followups