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DLF has officially exited the long-disputed INR 10,000 crore Tulsiwadi redevelopment project in South Mumbai after receiving INR 800 crore from Hubtown, ending years of litigation. The conflict began when a 900 crore loan from PNB Housing to the project's SPV was declared a non-performing asset in 2021, triggering share repossessions from DLF and Chinsha Property (Shapoorji Pallonji Group). DLF challenged the move legally but has now withdrawn all cases following the settlement. With DLF and Chinsha out, Hubtown gains full control. The project, near Willingdon Club in Tardeo, has three towers registered with RERA and fresh funding secured from Oaktree Capital.
DLF, a prominent real estate developer, has finalized a long-standing dispute concerning the extensive INR 10,000 crore Tulsiwadi redevelopment project in South Mumbai. The company has now exited the project after receiving INR 800 crore from Hubtown, bringing an end to years of litigation that had stalled the redevelopment project. Advertisement
This settlement follows a period of contention that began when a INR 900 crore loan from PNB Housing Finance to the project's Special Purpose Vehicle (SPV) was declared a NPA in 2021. In response, PNB Housing Finance invoked pledged shares belonging to Chinsha Property, an entity of the Shapoorji Pallonji Group, and DLF, subsequently selling them to recover its exposure. This action led DLF to allege wrongful ouster and violations of its shareholder rights, prompting the company to pursue various legal challenges. Chinsha Property had already accepted its exit from the project earlier.
With the completion of this settlement, DLF has withdrawn all its outstanding litigations related to the project. This development clears the way for Hubtown to proceed with the Tulsiwadi redevelopment project, which is located in Tardeo, adjacent to Willingdon Club.
The project's SPV has registered three residential towers with the Real Estate Regulatory Authority (RERA). Furthermore, it has successfully secured additional funding from Oaktree Capital, signaling renewed financial backing for the development.
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