In a major real estate transaction, K Raheja Corp has acquired two prime properties in South Mumbai’s upscale Tardeo locality for over ₹355 crore. The properties include Bayside Mall, one of India’s early shopping malls, and the Popular Press Building, covering more than half an acre of land. The deal was executed through K Raheja Corp’s subsidiary, Ivory Property Trust, and was finalized with the Jaydev Mody-led AAA Holding Trust.
The transaction, which was registered on August 13, involved payment of a ₹21.30 crore stamp duty. Bayside Mall, with a built-up area of 17,345 sq ft spread over one-third of an acre, was previously made up of 105 units but now consists of 75 units following the amalgamation of some units. The Popular Press Building, located adjacent to the mall, is a ground plus two-storey structure built over more than one-fourth of an acre.
Ivory Property Trust paid the first tranche of ₹120 crore at the time of registration, with the second tranche of ₹120 crore paid on August 22. The final payment of ₹115 crore was due by November 20, marking the completion of the deal.
Bayside Mall, launched in the early 2000s, initially aimed to serve as a convenient shopping destination for local residents and continues to cater to a niche market with utility-driven offerings.
This acquisition marks K Raheja Corp’s second mall purchase in South Mumbai this year, following their acquisition of Central Mall for ₹476 crore. Central Mall, also in the Tardeo area, is expected to be redeveloped into a 50-storey sea-view superstructure, offering approximately 250,000 sq ft of development potential. With current property prices in the area, the project could fetch over ₹2,000 crore.
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