Real Estate

Real Estate Transactions

JM Financial acquires 2 South Mumbai apartments for Rs.60-Cr from Nitco's promoters

Mint  

Financial services group JM Financial Ltd has bought two luxury apartments on Little Gibbs Road in south Mumbai's Malabar Hill area in separate transactions, for INR 60 crore, as settlement of debt owed by the promoter companies of Nitco Ltd. The two sea-viewing flats are on the 16th and 17th floor, of a total 5,000 sq ft area, at IL Palazzo, a super -luxury residential tower. The residences have been bought at around INR 1.20 lakh per sq ft. JM Financial has paid INR 3 crore as stamp duty for the registration of both the transactions. In 2018, JM Financial Asset Reconstruction Co. had acquired around 24% stake in Nitco Tiles, following the latter's debt restructuring process.