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.

Also Read: Mumbai’s first Mall Sold for ₹476 Crore

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This acquisition is part of Suraj Estate Developers’ ongoing expansion strategy, as the land is situated adjacent to another vacant plot previously acquired by the company. The two plots, once combined, will cover around 3,000 square meters and are projected to offer a total RERA Carpet area of 2.10 lakh square feet. The estimated Gross Development Value (GDV) for the combined project is approximately Rs 1,000 crores.

Located in the heart of Mumbai, the plot offers excellent connectivity, with proximity to railway stations, an upcoming metro line, and a new flyover that will connect Senapati Bapat Marg to the Western Express Highway, ensuring seamless commuting.

Rahul Thomas, Executive Director of Suraj Estate Developers, commented on the acquisition, stating, “This acquisition aligns with the objectives of the funds raised through the preferential issue of equity shares and share warrants amounting to Rs. 343 crores. Our operational performance in the last quarter has been exceptional, with a 14% increase in sales volume and a 10% rise in sales realization. Given the growing demand for commercial spaces in such a strategic location, we are confident in the success of the project.”

Suraj Estate Developers has seen strong financial growth, with an 88% surge in Profit After Tax (PAT) and a 26% year-on-year (Y-O-Y) increase in pre-sales for Q2FY25. The company also reported a 89% Y-O-Y growth in collections for Q2FY25, driven by increased sales from its commercial project, CCIL.

Also Read: Century Real Estate Reports Strong Growth Amid Rising Demand for Luxury Properties in Bengaluru

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The newly acquired land will be developed by CTIL’s real estate subsidiary, Birla Estates Pvt Ltd. Worli is currently a hotspot for luxury real estate, attracting high-end buyers from across South Mumbai and beyond. The acquisition positions CTIL to tap into this thriving market.

The 10-acre land parcel has an estimated booking value potential of Rs. 14,000 crore, contributing to a total contiguous landholding of approximately 30 acres in the area, with a combined booking value potential of around Rs. 28,000 crore. This includes Birla Niyaara, Birla Estates’ flagship project, which has garnered significant success with cumulative sales exceeding Rs. 5,700 crore.

Also Read: Worli Flat Sold for ₹115 Crore

The acquisition underscores CTIL’s commitment to expanding its footprint in high-value real estate and enhancing its position in the luxury market.

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Under the creative direction of Michelle Poonawalla and her firm, MYP Design Studio, the mansion will undergo a remarkable transformation into the opulent Poonawalla Mansion. This residence will serve as the couple’s secondary home, with their primary residence being Poonawalla House in Pune. The renovation project promises to merge historic grandeur with contemporary luxury, marking a new chapter in the Poonawallas’ illustrious journey.

The mansion’s expansive footprint includes grand first and second floors and breathtaking terraces, providing an exceptional level of space and privacy within the bustling metropolis. This serene oasis will offer a perfect backdrop for the couple’s sophisticated lifestyle.

A standout feature of the mansion will be Michelle Poonawalla’s renowned art collection, including works from esteemed artists and her own unique oil paintings. The residence is set to become a private art gallery, showcasing her distinctive painting techniques. Additionally, a portion of Yohan Poonawalla’s esteemed collection of priceless automobiles will be housed in their new home.

The purchase of this iconic property underscores the Poonawallas’ deep appreciation for Mumbai and their commitment to preserving the city’s rich heritage. By restoring and personalizing this landmark mansion, they are not only creating a luxurious private retreat but also enriching Mumbai’s cultural landscape.

Also read: NCR – Affordable Housing Sales Share Dips to 24% in H1 2024, Luxury Up to 45%

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