K Raheja Corp transforms SOBO Central Mall into luxury homes

26 Apr 2024 CW Team

It has been reported that realty developer K Raheja Corp intends to transform SOBO Central Mall, the nation's inaugural mall, into a high-end luxury residential endeavour.

The mall, previously identified as Crossroads, commenced operations in the late 1990s in south Mumbai.

Spanning 1.3 acres in the esteemed Haji Ali locality, the mall is anticipated to pave the way for an approximately 50-storey sea-view edifice with a potential development area of nearly 250,000 sq ft. Given the current property rates in the vicinity, the project is anticipated to yield revenue exceeding Rs 20 billion.

"One of the aforementioned individuals disclosed that the developer has commenced outlining plans for the proposed redevelopment and is likely to finalize the comprehensive strategy imminently," as stated by one of the aforementioned individuals.

The developer recently procured the property for Rs 4.76 billion from its previous proprietor, Kishore Biyani's Bansi Mall Management Company. The property was listed for sale by creditors led by Canara Bank to retrieve their outstanding debts, and an offer of Rs 4.75 billion had already been received by the creditors. Nevertheless, Biyani proposed settling the debts at Rs 4.76 billion, which was agreed upon by the lenders. K Raheja Corp acquired Biyani's share in the mall, encompassing 150,000 sq ft of leasable space, and Biyani utilized the funds to settle the creditors of Bansi Mall Management Company.

As per real estate consultants, this plot stands out as one of the larger parcels available in the vicinity of Carmichael Road, Pedder Road, and Altamount Road, renowned as India's Billionaires' Row. Most other parcels in the vicinity are comparatively smaller and are dedicated to housing society redevelopment projects.

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