Realty developer K Raheja Corp has acquired two prime properties including Bayside Mall, one of the early shopping malls of India, and Popular Press Building spread over more than half an acre in south Mumbai’s plush Tardeo locality for over Rs 355 crore.
The company has bought these properties through its Ivory Property Trust from Jaydev Mody-led AAA Holding Trust. Ivory Property Trust has paid stamp duty of Rs 21.30 crore for the registration of the deal that took place on August 13.
Bayside Mall has a basement, ground and two upper floors built over one-third of an acre. The mall, with a total built-up area of 17,345 sq ft, earlier had 105 units but now has 75 units following the amalgamation of certain units.
Popular Press Building is a ground plus two-storey structure built over more than one-fourth of an acre adjacent to Bayside Mall. The buyer has paid the entire consideration in tranches, including the first tranche of Rs 120 crore at the time of registration of the deal, showed documents accessed through data analytics firm CRE Matrix.
Ivory Property Trust has paid the second tranche of Rs 120 crore to AAA Holding Trust on August 22, while the final tranche of Rs 115 crore was expected to be paid on or before November 20, the closing date for the deal’s conclusion.
ET’s separate email queries to K Raheja Corp and AAA Holding Trust remained unanswered until the time of going to press.
Bayside Mall, started in the late 2000s, was initially marketed as a convenient shopping destination for local residents and continues to cater to a niche audience, focusing on utility-driven offerings.
This is the second mall acquired by K Raheja Corp in south Mumbai this year after it purchased Central Mall, the country’s first mall, for Rs 476 crore from its erstwhile owner Kishore Biyani’s Bansi Mall Management Company. This mall, earlier known as Crossroads, started in the late 1990s in south Mumbai.
Spread over 1.3 acres in prime Haji Ali locality, Central Mall property is expected to make way for an around 50-storey sea-view superstructure with nearly 250,000 sq ft development potential. Based on the current property prices in the vicinity, the project is estimated to fetch over Rs 2,000 crore revenue.
According to property consultants, the company is likely to develop a luxury residential project on the newly acquired land parcel too.
Over the past two years, the Indian luxury housing market has witnessed a remarkable surge in demand and sale activity across the nation’s top eight cities. The country’s financial capital, Mumbai, emerged as the leader in this segment, with most such transactions recorded in upscale south Mumbai and Worli-Prabhadevi area.
Realty developers are picking up land parcels on an outright basis or through joint development agreements apart from housing society redevelopment projects to capitalise on this growing appetite for luxury properties at prime locations.
Source Homevior.in
