JM Financial Buys 1.4 Lakh Sq Ft Commercial Space in Mulund
Real Estate

JM Financial Buys 1.4 Lakh Sq Ft Commercial Space in Mulund

JM Financial Products has acquired 1.4 lakh sq ft of commercial space in Prestige Trade Centre, located in Mulund, Mumbai, according to property registration documents accessed via Propstack. The transaction, valued at approximately Rs 1.49 billion, was part of a court-directed settlement tied to the restructuring deal when Prestige Estates Projects took over the project from Aristo Realty.

The acquired property has a carpet area of 88,873 sq ft and a chargeable area of 1.42 lakh sq ft. The sale agreement was registered on April 4, 2025, with a stamp duty payment of Rs 80.94 million and a registration fee of Rs 30,000.

The commercial premises are spread across the 40th, 41st, 42nd, and 44th floors of the building.

This transaction is rooted in Prestige Estates' 2021 acquisition of the project during Aristo Realty’s Corporate Insolvency Resolution Process (CIRP), as approved by the NCLT Mumbai Bench. As part of the resolution plan, Prestige paid Rs 370 crore to various lenders and committed to allocate 8 lakh sq ft of commercial space to creditors. The total project area spans 7.5 million sq ft of residential and commercial development in Mulund.

Separately, on May 30, Prestige Estates announced a partnership with Mumbai-based Valor Group (formerly DB Realty) to jointly develop an office complex in Andheri East, Mumbai, valued at Rs 45 billion. Under the agreement, both companies will hold equal economic stakes in the project. The joint development agreement, signed on May 28, covers land measuring 21,978.22 sq m. A total of Rs 5.04 billion is to be infused into a Special Purpose Vehicle (SPV) formed for project execution.

News source: Hindustan Times

JM Financial Products has acquired 1.4 lakh sq ft of commercial space in Prestige Trade Centre, located in Mulund, Mumbai, according to property registration documents accessed via Propstack. The transaction, valued at approximately Rs 1.49 billion, was part of a court-directed settlement tied to the restructuring deal when Prestige Estates Projects took over the project from Aristo Realty.The acquired property has a carpet area of 88,873 sq ft and a chargeable area of 1.42 lakh sq ft. The sale agreement was registered on April 4, 2025, with a stamp duty payment of Rs 80.94 million and a registration fee of Rs 30,000.The commercial premises are spread across the 40th, 41st, 42nd, and 44th floors of the building.This transaction is rooted in Prestige Estates' 2021 acquisition of the project during Aristo Realty’s Corporate Insolvency Resolution Process (CIRP), as approved by the NCLT Mumbai Bench. As part of the resolution plan, Prestige paid Rs 370 crore to various lenders and committed to allocate 8 lakh sq ft of commercial space to creditors. The total project area spans 7.5 million sq ft of residential and commercial development in Mulund.Separately, on May 30, Prestige Estates announced a partnership with Mumbai-based Valor Group (formerly DB Realty) to jointly develop an office complex in Andheri East, Mumbai, valued at Rs 45 billion. Under the agreement, both companies will hold equal economic stakes in the project. The joint development agreement, signed on May 28, covers land measuring 21,978.22 sq m. A total of Rs 5.04 billion is to be infused into a Special Purpose Vehicle (SPV) formed for project execution.News source: Hindustan Times

Next Story
Real Estate

Inspira Realty Plans 8-10 Redevelopment Projects in Mumbai

Inspira Realty, a leading Mumbai-based developer and a part of Inspira Global, has announced plans to undertake 8–10 new redevelopment projects across the city’s key western and southern corridors. With this expansion, the firm is poised to exceed its current Gross Development Value (GDV) of Rs 40 billion and drive forward its urban transformation agenda. The company has commenced the financial year with two development agreements signed in Borivali and Santacruz (W) and is actively negotiating further acquisitions. These projects, expected to span a construction area of 4 million sq ..

Next Story
Real Estate

U-Sphere Bags First Private Project with Ceenex in Thiruvananthapuram

U-Sphere, the high-tech construction arm of ULCCS, has secured its first major private sector project: the design and construction of a new training facility for Canada-based Ceenex Global Computer Private Limited in Sasthamangalam, Thiruvananthapuram. The agreement was signed by Remeshan Palery, Director, U-Sphere, and Muhammed Irfan, Director, Ceenex Global. As part of the project, U-Sphere will deliver the core structural framework and building envelope within a fast-tracked seven-month schedule. This facility will serve as a key hub for Ceenex’s initiatives across e-governance, heal..

Next Story
Equipment

Godrej Motor Solutions Targets Rs 10 billion Revenue by FY28

The Motor Solutions business of the Godrej Enterprises Group is aiming for Rs 10 billion  in revenue by FY28, with 20 per cent of this expected from exports. For FY26, the business is targeting Rs750 crore, driven by demand growth across electric vehicles (EVs), HVAC, pumps, and actuators in both domestic and international markets. Xercsis Marker, EVP & Head, Motor Solutions Business, Godrej Enterprises Group, said,  “We are strengthening our manufacturing capabilities through significant R&D investments and advanced technology adoption. We continue to invest in t..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?