What Was the Project & Why the Dispute?
In an SPV established to redevelop a Tulsiwadi(Tardeo area )- Mumbai ,slum cluster, DLF and Chinsha Property (a member of the Shapoorji Pallonji Group) each owned 37.5%, while Hubtown owned 25%. The pledged shares of DLF and Chinsha were invoked and sold in 2021 after a ₹900 cr loan from PNB Housing Finance became non-performing. DLF claimed unlawful removal and infringement of shareholder rights after invocation. The project was essentially put on hold for years as it sought arbitration, NCLT, and RERA lawsuits.economictimes.com
On DLF it was Worse ?
DLF had to deal with a protracted court case and control uncertainty. Its weak negotiating position resulted from its exposure to litigation and reputational damage, as well as its removal from shareholder control. As a result, it was unable to fully profit from the redevelopment’s future gains, which put it in a vulnerable financial and reputational position. which made back footed for DLF to exit Rs 10,000 Crore Tardeo- Mumbai Project.
The Settlement: Between DLF & HubTown
With ₹100 crore already paid up front, Hubtown’s affiliate would pay DLF ₹800 crore over two years as per the terms of the permission. 150,000 square feet of RERA-compliant space in the project has been mortgaged in favor of DLF MarketScreener as security for the remaining ₹700 cr.
After years of disagreements, DLF has officially withdrawn all litigation, including those against Hubtown, Twenty-Five Downtown, PNB Housing Finance, and others. Now that Hubtown has complete authority over the project, it can move on with fundraising and execution (with Oaktree Capital’s support) without worrying about legal issues.
DLF Limited : profile
Chaudhary Raghvendra Singh founded the DLF on July 4, 1946, and it started building residential colonies in Delhi, such as Greater Kailash and Hauz Khas. It moved to Gurgaon (now Gurugram) after the Delhi Development Act of 1957 and constructed the metropolis using historic townships. In July 2007, under K.P. Singh’s direction, DLF went public through the largest ₹2 billion IPO in India at the time.
DLF recorded record pre-sales of over ₹21,000 cr, collections of around ₹11,750 cr, and net profit of about ₹4,350 cr in FY2024–2025. The company’s return on equity also exceeded 10.2%.
Hubtown Limited : Profile
Founded in 1989 and rebranded as Hubtown Limited in November 2011, this Mumbai-based developer works in a variety of industries, including infrastructure, IT, residential, commercial, and other areas including security and education.
Since its founding, Hemant Mahipatray Shah has served as its executive chairman, with the help of a vibrant board that includes directors Bhakti Kothare, Kartik Ruparel, and Milin Ramani.
Result :
One of the most notable stalled redevelopment projects in South Mumbai is now complete thanks to the DLF–Hubtown settlement. DLF leaves with ₹800 cr and collateral security, and Hubtown assumes exclusive control of a project worth ₹10,000 cr. Now, the Dubai-like Tardeo plan can move forward without any obstacles. In order to preserve capital and concentrate on its core business sectors, DLF has strategically retreated from a convoluted litigation drama.
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