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 square feet of commercial space in the Prestige Trade Centre, located in the Mulund area of Mumbai. According to property registration documents accessed by Propstack, the market value of this commercial space is estimated at ₹149 crore.
The acquisition is part of a court settlement linked to a restructuring deal during which Prestige Estates Projects Ltd took over the project from Aristo Realty. This transfer was officially registered on April 4, 2025, with a stamp duty payment of ₹8.94 crore and registration fees of ₹30,000.
The commercial units acquired are spread across the 40th, 41st, 42nd, and 44th floors of the building. The carpet area of these units is 88,873 square feet, while the chargeable area totals 1.42 lakh square feet.
The Prestige Trade Centre is part of a larger mixed-use development spanning approximately 7.5 million square feet in Mumbai’s Mulund area. The overall project includes residential and commercial spaces and was acquired by Prestige Estates during Aristo Realty’s Corporate Insolvency Resolution Process (CIRP) approved by the National Company Law Tribunal (NCLT), Mumbai Bench.
In 2021, Prestige Estates won the bid for this project and formalised the takeover by initially infusing ₹2 crore in upfront capital. Following this, the company paid ₹370 crore to lenders, which included several major financiers. Under the resolution plan, Prestige Estates was also required to allocate 800,000 square feet of commercial space to lenders as part of the settlement.
This acquisition by JM Financial reflects a significant transaction in Mumbai’s commercial real estate market, especially in the Mulund region. The court settlement linked to this deal is a notable aspect, as it marks the final stages of project restructuring and asset distribution following Aristo Realty’s insolvency.
Meanwhile, Prestige Estates continues to expand its presence in Mumbai’s real estate sector. Recently, the company announced a joint venture with Mumbai-based Valor Group (formerly DB Realty) to develop a large office complex in Andheri East. This project, valued at ₹4,500 crore, is planned on land measuring 21,978.22 square meters and will be executed through a Special Purpose Vehicle (SPV) funded with ₹504 crore.
Prestige and Valor will each hold a 50% economic stake in this upcoming development. This project highlights Prestige’s ongoing strategy to grow its commercial portfolio in Mumbai.
For JM Financial, acquiring such a large commercial space represents a strategic investment in Mumbai’s growing office space market. As businesses seek quality commercial properties outside of the traditional South Mumbai business districts, areas like Mulund are becoming more attractive due to improved infrastructure and connectivity.
Image source- cityinfoservices.com
