JM Financial buys two luxury south Mumbai apartments for Rs60 crore

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 ₹60 crore, as settlement of debt owed by the promoter companies of Nitco Ltd, said a person familiar with the transactions.
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, which is home to several billionaires. The residences have been bought at around ₹1.20 lakh per sq ft.
JM Financial has paid ₹3 crore as stamp duty for the registration of both the transactions. They were registered on 31 March, showed documents accessed through Zapkey, that aggregates publicly available property registration data.
“The apartments have not been bought for investment but as part of the debt recovery process,” the person mentioned above said, asking not to be named.
The company has bought the 16th floor flat from the family of Vivek Talwar, chairman and managing director of Nitco Tiles. The 17th floor apartment has been sold by Melisma Finance & Trading Private Ltd, which counts Talwar and one of his family members as directors.
In 2018, JM Financial Asset Reconstruction Co. had acquired around 24% stake in Nitco Tiles, following the latter’s debt restructuring process.
A JM Financial spokesperson declined to comment.
In Mumbai, the luxury residential market continues to do well and has seen a spate of large ticket transactions in recent months.
“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 Zapkey.