In a significant real estate transaction, JM Financial Products Ltd has acquired ownership of 1.4 lakh sq ft of commercial space in the Prestige Trade Centre located in Mulund, Mumbai. The deal, valued at approximately ₹149 crore, is tied to a legal settlement linked to the resolution of the earlier ownership of the project.
The acquisition marks a crucial chapter in the asset restructuring between Prestige Estates Projects Ltd and Aristo Realty, finalized through the Corporate Insolvency Resolution Process (CIRP) approved by the NCLT Mumbai Bench.
Transaction Overview
Deal Specifics
- Buyer: JM Financial Products Ltd
- Seller: Prestige Estates Projects Ltd
- Location: Prestige Trade Centre, Mulund, Mumbai
- Carpet Area: 88,873 sq ft
- Chargeable Area: 1.42 lakh sq ft
- Market Value: ₹149 crore
- Floors Involved: 40th, 41st, 42nd, and 44th
- Registration Date: April 4, 2025
- Stamp Duty Paid: ₹8.94 crore
- Registration Fees: ₹30,000
The commercial floors were transferred as part of a court-ordered settlement stemming from Prestige Estates’ successful bid to acquire the Mulund project from Aristo Realty during the latter’s insolvency proceedings.
Background: From Insolvency to Restructuring
In 2021, Prestige Estates Projects Ltd acquired the Mulund mixed-use development after winning the bid during Aristo Realty’s CIRP. The National Company Law Tribunal (NCLT), Mumbai Bench approved the resolution plan, which involved:
- An upfront infusion of ₹2 lakh
- A total payment of ₹370 crore to lenders
- Allocation of 800,000 sq ft of commercial space to lenders
The project spans approximately 7.5 million sq ft, encompassing residential and commercial developments, making it a strategic location in Mumbai’s growing eastern suburbs.
Recent Developments by Prestige Estates
Further expanding its Mumbai footprint, Prestige Estates Projects Ltd recently announced a ₹4,500 crore office development in Andheri East in partnership with Valor Group (formerly DB Realty). The deal includes:
- A land parcel measuring 21,978.22 sq m
- 50:50 economic partnership between Prestige and Valor
- ₹504 crore to be infused into a Special Purpose Vehicle (SPV) for project execution
- Estimated Gross Development Value (GDV): ₹4,500 crore
This move highlights Prestige’s continued focus on commercial real estate in Mumbai.
Quick Facts: Transaction Summary
| Attribute | Details |
|---|---|
| Buyer | JM Financial Products Ltd |
| Seller | Prestige Estates Projects Ltd |
| Location | Prestige Trade Centre, Mulund, Mumbai |
| Carpet Area | 88,873 sq ft |
| Chargeable Area | 1.42 lakh sq ft |
| Transaction Value | ₹149 crore |
| Registration Date | April 4, 2025 |
| Stamp Duty & Fees | ₹8.94 crore + ₹30,000 |
| Floors Acquired | 40th, 41st, 42nd, and 44th |
Industry Commentary
While an official statement is awaited from both parties, sources familiar with the matter suggest the transaction finalizes one of several allocations Prestige was required to make under the insolvency resolution terms.
“This transfer reflects the ongoing implementation of the resolution plan, providing clarity and unlocking value for lenders and investors alike,” said a real estate analyst close to the development.
FAQs
1. What is the total area acquired by JM Financial in this deal?
JM Financial acquired 1.4 lakh sq ft of chargeable area, with a carpet area of 88,873 sq ft.
2. Where is the acquired property located?
The property is in Prestige Trade Centre, Mulund, Mumbai — specifically across the 40th, 41st, 42nd, and 44th floors.
3. Why was this space transferred to JM Financial?
It was part of a court-approved settlement related to the restructuring of the project after Prestige Estates took over from Aristo Realty during the insolvency process.
4. What are the future plans for Prestige Estates in Mumbai?
Prestige is partnering with Valor Group for a ₹4,500 crore commercial development in Andheri East, further cementing its presence in Mumbai’s office space segment.
5. How much was paid in stamp duty and registration for this transaction?
The stamp duty was ₹8.94 crore, and the registration fee was ₹30,000.