JM Financial Products has acquired over 1.42 lakh sq ft of office space in Mumbai's Mulund as part of a corporate insolvency resolution process (CIRP) involving a stalled project previously promoted by Ariisto Realty.

The deal, finalized on April 4, allocates floors 40, 41, 42, and 44 of a commercial tower to JM Financial, with possession expected by December. Valued at over ₹150 crore, the transaction was structured as a transfer of ownership in lieu of financial dues, rather than a direct sale. This move is part of a larger NCLT-approved resolution plan from 2021, where creditors received a mix of ₹370 crore in cash and 8 lakh sq ft of commercial space to resolve ₹1,650 crore in liabilities. The project is now being developed by a Bengaluru-based developer under a hybrid model. This acquisition enhances JM Financial’s commercial real estate portfolio and signals innovative asset-based debt resolution in Indian real estate.