JM Financial Buys 1.4 Lakh Sq Ft Commercial Space in Mulund

11 Jun 2025 CW Team

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

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