Wadhwa Group Exits Joint Venture Deal in Prabhadevi, Mumbai

Wadhwa Group Exits Joint Venture Deal in Prabhadevi, Mumbai


4 year(s) ago

Wadhwa Group Exits Rs 7,500 Crore Sea-Facing Project in Mumbai. Despite initial denials, reports indicate that Wadhwa Group has ended its partnership with Hubtown (formerly Ackruti) for a luxury residential project in Prabhadevi, Mumbai. Wadhwa Group Exits 5.5 acre Joint Venture Deal in Prabhadevi, Mumbai.

Project Details:

  • Project Name: 25 South
  • Location: Prime sea-facing plot in Prabhadevi
  • Land Area: 5.5 acres
  • Planned Development: Three 50-storey towers

Reasons for Split:

  • Market sources cite differences between the developers, possibly related to payments.


  • An arbitration tribunal led by Justice (retd.) MG Gaikwad facilitated a settlement.
  • Wadhwa Group will receive:
    • Reimbursement of Rs 225 crore through 45,897 sq ft of space in the partially constructed Wing A South Tower (including apartments and parking).
    • Claim over portions of Wing A South Tower only (not the other two planned towers).
  • Hubtown will take over the entire project and complete the remaining construction.


  • This concludes a six-year partnership between the two developers.
  • Wadhwa Group relinquishes interest in the majority of the project.
  • Hubtown assumes full ownership and responsibility for completing the project.

Additional Information:

  • Wadhwa Group had reportedly invested Rs 130 crore initially and was entitled to a 13.5% share of sales and a Rs 30 crore planning & execution fee.
  • Some prominent figures had booked flats in Wing A South Tower, including Rajesh Mandawewala (Welspun Group), Rajiv Sabharwal (Tata Capital), and Sandeep Bakshi (ICICI Bank).
  • Oaktree Capital Management had recently invested Rs 425 crore in the project.

This development casts doubt on the future of the remaining towers and raises questions about potential delays or changes to the project plan.

Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in

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