Latest news with #AriistoRealty
Time of India
2 days ago
- Business
- Time of India
JM Financial gets 1.42 lakh sq ft office space in Mumbai through CIRP resolution
In a key transaction stemming from a bankruptcy settlement, non-banking finance company JM Financial Products has acquired ownership of over 142,000 sq ft of office space spread across four floors in an upcoming commercial tower in Mumbai 's eastern suburb Mulund. The acquisition is part of a court-mediated corporate insolvency resolution process (CIRP) connected to takeover of a stalled project formerly promoted by Ariisto Realty . The investment-focussed NBFC has been allotted floors 40, 41, 42 and 44 in the office wing of the project. The ownership transfer was formalised on April 4 and the property's possession is expected by December end. While the transaction was structured as a transfer rather than a direct sale, the office space is pegged at a market value of over Rs 150 crore. This deal is tied to the resolution framework implemented when another realty developer took over a long-delayed Ariisto Realty project in the eastern Mumbai suburb. The underlying land belongs to Avdhut Properties Pvt Ltd (APPL), a company affiliated with Ariisto, showed the registration documents accessed through realty data analytics platform Propstack. 'This is part of a structured settlement reached during the resolution of liabilities involving multiple parties, where built-up commercial real estate was transferred in lieu of financial dues,' said a person familiar with the development. ET's email query to JM Financial remained unanswered until the time of going to press. Ariisto, a Mumbai-based real estate firm with stalled residential and commercial projects in Mulund, entered corporate insolvency in November 2018 due to Rs 2,200-2,500 crore of debt. In March 2021, the Mumbai bench of the National Company Law Tribunal (NCLT) approved a hybrid resolution plan by a Bengaluru-based developer, under which the company would pay Rs 370 crore in upfront cash and allocate 800,000 sq ft of commercial space to creditors, resolving Rs 1,650 crore of liabilities. The plan, one of Maharashtra's largest real estate resolutions, benefits around 500 homebuyers and ensures project completion within a multi-year timeline while granting creditors both cash and built-up assets. A special purpose vehicle executing the project is currently developing this tower as a commercial component of its larger integrated township in Mulund. The transaction highlights the evolving methods of dispute resolution in Indian real estate, where developers are settling dues through real asset transfers rather than cash payouts. This acquisition also adds a strategic Mumbai asset to JM Financial's growing portfolio, underlining the company's long-term commitment to commercial real estate. Once completed, the high-rise office block is expected to be among the grade A office spaces in Mumbai's eastern suburbs, catering to financial institutions and corporate occupiers.
Time of India
2 days ago
- Business
- Time of India
JM Financial gets 142,000 sq ft Mumbai office space through CIRP resolution
In a key transaction stemming from a bankruptcy settlement, non-banking finance company JM Financial Products has acquired ownership of over 142,000 sq ft of office space spread across four floors in an upcoming commercial tower in Mumbai 's eastern suburb Mulund. The acquisition is part of a court-mediated corporate insolvency resolution process (CIRP) connected to takeover of a stalled project formerly promoted by Ariisto Realty . The investment-focussed NBFC has been allotted floors 40, 41, 42 and 44 in the office wing of the project. The ownership transfer was formalised on April 4 and the property's possession is expected by December end. While the transaction was structured as a transfer rather than a direct sale, the office space is pegged at a market value of over Rs 150 crore. This deal is tied to the resolution framework implemented when another realty developer took over a long-delayed Ariisto Realty project in the eastern Mumbai suburb. The underlying land belongs to Avdhut Properties Pvt Ltd (APPL), a company affiliated with Ariisto, showed the registration documents accessed through realty data analytics platform Propstack. 'This is part of a structured settlement reached during the resolution of liabilities involving multiple parties, where built-up commercial real estate was transferred in lieu of financial dues,' said a person familiar with the development. ET's email query to JM Financial remained unanswered until the time of going to press. Ariisto, a Mumbai-based real estate firm with stalled residential and commercial projects in Mulund, entered corporate insolvency in November 2018 due to Rs 2,200-2,500 crore of debt. In March 2021, the Mumbai bench of the National Company Law Tribunal (NCLT) approved a hybrid resolution plan by a Bengaluru-based developer, under which the company would pay Rs 370 crore in upfront cash and allocate 800,000 sq ft of commercial space to creditors, resolving Rs 1,650 crore of liabilities. The plan, one of Maharashtra's largest real estate resolutions, benefits around 500 homebuyers and ensures project completion within a multi-year timeline while granting creditors both cash and built-up assets. A special purpose vehicle executing the project is currently developing this tower as a commercial component of its larger integrated township in Mulund. The transaction highlights the evolving methods of dispute resolution in Indian real estate, where developers are settling dues through real asset transfers rather than cash payouts. This acquisition also adds a strategic Mumbai asset to JM Financial's growing portfolio, underlining the company's long-term commitment to commercial real estate. Once completed, the high-rise office block is expected to be among the grade A office spaces in Mumbai's eastern suburbs, catering to financial institutions and corporate occupiers.
