K Raheja Corp has bought two prime properties – Bayside Mall and the Popular Press Building – in Mumbai’s posh Tardeo area through its Ivory Property Trust from AAA Holding Trust for ₹355 crore, documents accessed by CRE Matrix showed.
₹355 crore. (Representational photo)(Bloomberg Photo)” title=”K Raheja Corp has bought two prime properties – Bayside Mall and the Popular Press Building – in Mumbai’s posh Tardeo area for ₹355 crore. (Representational photo)(Bloomberg Photo)” />The Bayside Mall includes a land area of 1216.29 sq m while the land at Popular Press measures 1070.24 sq m. Ivory Property Trust paid a stamp duty of ₹21.30 crore for the deal registered on August 13, 2024, documents shared by the real estate data analytics firm showed.
While the Bayside mall land and building comprises a basement, ground and two upper floors and the Popular Press building comes with ground, first and second floor, including the garage, the Agreement for Sale documents showed.
There was no response from K Raheja Corp. AAA Holding Trust could not be reached.
Other property deals
Earlier this year, K Raheja Corp Real Estate had acquired the land and buildings of Crossroad Condominium in Mumbai’s Haji Ali area, previously home to Sobo Central Mall owned by a Kishore Biyani company, for ₹476 crore as part of a debt resolution plan for non-performing assets.
Media reports had then said that the developer was planning to redevelop SOBO Central Mall, earlier known as Crossroads, perhaps the first mall in the country, into a high-end luxury residential project.
In 2024, demand for luxury and ultra luxury homes among wealthy Indians went up and this was primarily on account of few launches in the luxury housing segment and the fear of missing out (FOMO) on the most desirable properties in town.
Of the 25 ultra-luxury properties sold across the top cities in 2024 so far, Mumbai alone sold 21 units collectively worth ₹2,200 crore – an 84% share of the total deals in this segment across the top cities, as per data shared by Anarock.