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JM Financial buys two apartments in Mumbai for Rs 60 crore

Sources said that both the transactions are part of Nitco promoters' debt settlement process

Mumbai (Representational image)

Mumbai (Representational image)

JM Financial, an integrated and diversified financial services group, has bought two luxury apartments in South Mumbai for Rs 60 crore, documents accessed by showed.

Sources said that both the transactions are towards the settlement of debt with the promoter company of Nitco Group. As part of Nitco’s debt restructuring with JM Financial Asset Reconstruction Company around four years ago, the latter had acquired around a 24% stake in the tile manufacturing company.

The property is located on the 16th floor and is spread across an area of 2500 sq ft and comes with one car parking.

The documents were registered on March 31, 2022. Stamp duty of Rs 1.5 crore was paid by the buyer, the documents showed.

The second flat was also bought by JM Financial Products Limited for Rs 30 crore in the same society on the 17th floor. The unit is spread across an area of 2500 sq ft and comes with one car parking. Stamp duty of Rs 1.5 crore was paid by the buyer, the documents showed.


The seller is Melisma Finance and Trading Private Limited.

A response from the company is awaited. Nimesh Kampani is the group chairman of the firm.

“Luxury home sales have been on the rise since the onset of the pandemic and the demand remains robust even now. There is a good appetite for luxury apartments with high-end lifestyle, amenities, and curated designs,” said Sandeep Reddy, co-founder of

Local brokers said that the per sq ft value of the flat works out to be around Rs 1.10 lakh per sq ft which is the market value. The project largely consists of sea-facing 5BHK units.

Prominent residents include RPG Group chairman Harsh Goenka and billionaire investor Rakesh Jhunjhunwala.

Harsh Goenka bought his housing unit way back in 2018 for Rs 45.2 crore from Citibank India. In 2013, Yes Bank’s Rana Kapoor bought a similar size 5-bedroom sea-view apartment in this building from Bank of America for Rs 39 crore, or Rs 1.11 lakh per sq ft.

Also Read: Mumbai real estate: An Iraqi Jew, Opium wars and India’s most expensive building

IL Palazzo was built in 1972 by a real estate firm BREDCO and is surrounded by sea on three sides and commands a panoramic view of the island city. The building has four wings, with each floor having two apartments
Also Read: How corporates see lucrative real estate opportunities in COVID-19

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Vandana Ramnani
first published: May 11, 2022 07:47 pm
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