JM Financial Secures 1.4 Lakh Sq Ft Office Space in Mumbai's Mulund
JM Financial Products, a major NBFC, has been allotted 1.4 lakh sq ft of office space at the Prestige Trade Centre in Mulund, Mumbai, marking a significant real estate transaction in the city.
MumbaiReal EstateJm FinancialPrestige EstatesInsolvencyReal Estate MumbaiJun 09, 2025
JM Financial Products is a systemically important non-deposit-taking non-banking financial company (NBFC-ND-SI) registered with the Reserve Bank of India. The market value of the allotted space is around ₹150 crore.
This transaction has its roots in a 2020 insolvency resolution. That year, Bengaluru-based Prestige Estates Projects won the bid to acquire a stalled real estate project by bankrupt Ariisto Developers in Mulund under the Insolvency and Bankruptcy Code (IBC). Prestige later developed the project.
Ariisto was incorporated in 2016 with an authorised capital of ₹1 lakh and a paid-up capital of ₹1 lakh. Following a default, one of its financial creditors initiated Corporate Insolvency Resolution Proceedings (CIRP), which were admitted by the National Company Law Tribunal (NCLT), Mumbai Bench, on November 20, 2018. Subsequently, a Committee of Creditors (CoC) was formed and a Resolution Professional (RP) appointed.
Total claims by lenders amounted to ₹2,500 crore. JM Financial Capital was among Ariisto’s financial creditors.
Several resolution plans were submitted and evaluated by the RP. At a meeting on November 13, 2020, the CoC approved the plan submitted by Prestige. As per the terms approved by NCLT, Prestige was to pay ₹370 crore to the project’s lenders and develop 8 lakh sq ft of commercial space.
At the time, Prestige had estimated the project’s revenue potential at ₹10,000 crore, with a total saleable area of 7.5 million sq ft.
The transaction was registered in April 2025 with the relevant authorities. The space spans four floors (levels 40 to 44) and has a carpet area of 88,873 sq ft.
The registration attracted a stamp duty of ₹8.94 crore and a registration fee of ₹30,000.
Frequently Asked Questions
What is JM Financial Products?
JM Financial Products is a systemically important non-deposit-taking non-banking financial company (NBFC-ND-SI) registered with the Reserve Bank of India.
What is the market value of the allotted office space?
The market value of the allotted office space is around ₹150 crore.
How did Prestige Estates Projects acquire the project in Mulund?
Prestige Estates Projects won the bid to acquire a stalled real estate project by bankrupt Ariisto Developers in Mulund under the Insolvency and Bankruptcy Code (IBC) in 2020.
What was the total claim amount by lenders against Ariisto Developers?
The total claims by lenders against Ariisto Developers amounted to ₹2,500 crore.
What are the terms of the transaction approved by the NCLT?
Prestige was to pay ₹370 crore to the project’s lenders and develop 8 lakh sq ft of commercial space.
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