JM Financial gets 1.4 lakh sq ft of office space in Mumbai's Mulund

The ₹150-cr space allotment at Prestige Trade Centre stems from a 2020 insolvency resolution involving the defunct Ariisto Developers

JM Financial Products has been allotted 1.4 lakh sq ft of office space at Prestige Trade Centre in Mulund, a suburb of Mumbai, according to transaction documents accessed through real estate analytics firm Propstack.

 

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.