In a significant move in Mumbai’s commercial real estate sector, JM Financial Products Ltd has secured ownership of a 1.4 lakh square feet commercial space in the Prestige Trade Centre located in Mulund. This transaction, valued at approximately ₹149 crore, was part of a court settlement linked to the restructuring of the project. The deal marks an important step in the ongoing transformation of Mumbai’s Mulund area, adding to the growing momentum in the city’s real estate market.
Key Highlights of the Deal:
- Property Acquired: 1.4 lakh square feet of commercial space in the Prestige Trade Centre, Mulund, Mumbai.
- Estimated Market Value: ₹149 crore
- Carpet Area: 88,873 square feet
- Chargeable Area: 1.42 lakh square feet
- Floors Involved: 40th, 41st, 42nd, and 44th floors
- Stamp Duty: ₹8.94 crore
- Registration Fee: ₹30,000
- Date of Agreement Registration: April 4, 2025
This acquisition follows a complex restructuring deal, during which Prestige Estates Projects Ltd took control of the Prestige Trade Centre from Aristo Realty. The commercial units acquired by JM Financial are spread across the higher floors of the building, reflecting the growing demand for quality office space in Mumbai’s suburban markets.
The Back Story: Corporate Restructuring and Court Settlement
In 2021, Prestige Estates Projects Ltd emerged as the successful bidder during the Corporate Insolvency Resolution Process (CIRP) for the project previously owned by Aristo Realty. The acquisition was part of an extensive restructuring effort that saw Prestige Estates infuse ₹2 lakh in capital initially, followed by a substantial ₹370 crore payment to settle outstanding loans from various financiers.
As part of the resolution plan, Prestige committed to allocating 800,000 square feet of commercial space to the lenders, further solidifying its financial involvement in the project. The total project is poised to span 7.5 million square feet and includes a mix of residential and commercial developments in the thriving Mulund area.
Prestige Estates’ Ongoing Developments:
In a move to expand its real estate portfolio, Prestige Estates Projects Ltd also announced a collaboration with Valor Group (formerly DB Realty) to develop an office complex worth ₹4,500 crore in Andheri East, Mumbai. The project, spanning 21,978.22 square meters, is expected to be a major addition to Mumbai’s commercial real estate sector, with both Prestige and Valor holding equal economic stakes.
Summary Table: Key Facts
| Property Details | Specifications |
|---|---|
| Property Name | Prestige Trade Centre, Mulund |
| Acquirer | JM Financial Products Ltd |
| Area Acquired | 1.4 lakh sq ft |
| Market Value | ₹149 crore |
| Carpet Area | 88,873 sq ft |
| Chargeable Area | 1.42 lakh sq ft |
| Floors | 40th, 41st, 42nd, 44th floors |
| Stamp Duty | ₹8.94 crore |
| Registration Fees | ₹30,000 |
| Date of Agreement | April 4, 2025 |
Quotes from Officials:
- Prestige Estates Projects Ltd (spokesperson): “We are committed to strengthening our portfolio with strategic acquisitions and developments that align with the growing demands of the market. The Mulund project reflects our ongoing focus on urban renewal and expanding our footprint in key areas.”
- JM Financial Products Ltd (spokesperson): “This acquisition is a strategic addition to our commercial real estate portfolio in Mumbai. It underscores our continued confidence in the commercial property sector and the long-term potential of Mulund as a commercial hub.”
FAQ Section:
1. What is the total area JM Financial acquired in the Prestige Trade Centre?
- JM Financial acquired 1.4 lakh square feet of commercial space in the Prestige Trade Centre located in Mulund, Mumbai.
2. What is the estimated market value of the commercial space?
- The estimated market value of the space is ₹149 crore.
3. What is the carpet area of the acquired commercial space?
- The carpet area of the acquired space is 88,873 square feet.
4. Which floors of the Prestige Trade Centre were involved in the transaction?
- The commercial units are situated on the 40th, 41st, 42nd, and 44th floors of the building.
5. How does this acquisition relate to the broader restructuring of the project?
- The acquisition is part of a court settlement linked to the Corporate Insolvency Resolution Process (CIRP), in which Prestige Estates took over the project from Aristo Realty as part of the restructuring plan.