JM Financial, an integrated and diversified financial services group, has bought two luxury apartments in South Mumbai for Rs 60 crore.
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. Nimesh Kampani is the group chairman of the firm. The project largely consists of sea-facing 5BHK units.