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JM Financial acquires 1.4 lakh sq ft commercial space in Mumbai’s Mulund from Prestige Estates
JM Financial Products Ltd has acquired 1.4 lakh sq ft of commercial space in the Prestige Trade Centre, located in Mumbai's Mulund, Prestige Estates
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, as per property registration documents accessed by Propstack. The market value of the transferred space is estimated at ₹149 crore.
The transfer was part of a court settlement and is linked to the restructuring deal when Prestige Estates Projects Ltd took over the project from Aristo Realty, according to Propstack.
The commercial space has a carpet area of 88,873 sq ft, and its chargeable area is 1.42 lakh sq ft, the documents showed.
The agreement for the transaction was registered on April 4, 2025, with a stamp duty of ₹8.94 crore and registration fees of ₹30,000, according to the documents.
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The commercial units are situated on the 40th, 41st, 42nd, and 44th floors of the building.
Queries have been emailed to Prestige Estates and JM Financial. If they respond, the story will be updated.
The back story
Prestige Estates won the bid in 2021 during Ariisto’s Corporate Insolvency Resolution Process (CIRP), approved by the NCLT Mumbai Bench. As part of the resolution plan, Prestige initially infused ₹2 lakh as upfront capital to formalise the takeover and subsequently paid ₹370 crore to lenders, including several major financiers.
In addition to the cash settlement, Prestige was to allocate 800,000 sq ft of commercial space to lenders under the approved plan. As per media reports, the overall project spans 7.5 million sq ft of mixed-use residential and commercial development in Mumbai’s Mulund area.
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On May 30, Prestige Estates Projects Ltd announced partnering with Mumbai-based Valor Group (formerly known as DB Realty) to develop an office complex worth ₹4,500 crore in Mumbai's Andheri area.
According to a regulatory filing, the project's estimated Gross Development Value (GDV) is approximately ₹4,500 crore, with Valor and Prestige each holding a 50% economic stake.
The joint development agreement was signed on May 28 for land measuring 21,978.22 square metres in Andheri East, Mumbai.
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As per the filing, ₹504 crore will be infused into a Special Purpose Vehicle (SPV) that will be set up to execute the project.
