K Raheja Corp, one of the leading real estate developers in India, has added two prime properties to its list. The company has cracked two big deals in South Mumbai – Bayside Mall and Popular Press Building in the posh locality of Tardeo according to the documents accessed by CRE Matrix. The deal valued at more than ₹355 crore marked another expansion for the company. They plan to construct a luxury residential project on the acquired land.
Transaction Details
The purchase was made through Ivory Property Trust, a subsidiary of K Raheja Corp, from Jaydev Mody-led AAA Holding Trust. The deal was finalized on August 13, with a stamp duty payment of ₹21.30 crore. The transaction involved staged payments, including an initial ₹120 crore during registration, a second tranche of ₹120 crore on August 22, and a final tranche of ₹115 crore.
Property Details
Bayside Mall, one of India’s early shopping destinations, spans a total built-up area of 17,345 sq. ft. across a basement, ground, and two upper floors. It was originally designed as a community-focused shopping hub in the late 2000s, offering utility-driven retail experiences. The property occupies over one-third of an acre in Tardeo and has evolved to maintain its niche appeal.
Adjacent to Bayside Mall, the Popular Press Building adds historical significance to this acquisition. The structure, spanning more than one-fourth of an acre, features a ground-plus-two-story configuration, further enhancing the landholding potential of the Tardeo locality.
Luxury Development Plans in Tardeo
K Raheja Corp intends to transform the combined land into a high-end luxury residential project, leveraging Tardeo’s status as one of Mumbai’s most sought-after neighborhoods. The area’s proximity to commercial hubs and upscale amenities make it an ideal location for premium developments.
Other Acquisitions
This is not the first high-profile acquisition by K Raheja Corp this year. Earlier, the company purchased Central Mall (previously Crossroads), India’s first shopping mall, for ₹476 crore. Central Mall, established in the late 1990s, holds a legacy as a trailblazer in India’s retail sector.
With these acquisitions, K Raheja Corp cements its leadership in South Mumbai’s real estate sector. The company’s strategic focus on prime properties highlights its vision of catering to the luxury segment and creating iconic developments in Mumbai’s most desirable locations.
This latest acquisition demonstrates K Raheja Corp’s commitment to reshaping South Mumbai’s skyline with projects that blend modernity, luxury, and historical significance.
Recent Transactions
Mumbai’s commercial real estate market has witnessed increased transactions driven by strategic acquisitions and robust investor interest in key business hubs across the city.
In a recent transaction, Equinix India Pvt Ltd acquired a 5,597 sq m (1.38 acres) land parcel in the Chandivali neighborhood of Mumbai for ₹155 crores. In another transaction, Bollywood actress Sara Ali Khan and her mother Amrita Singh purchased two office units in Mumbai’s Andheri West ₹ 22.26 crore.
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