K Raheja Corp intends to transform SOBO Central Mall, the nation’s inaugural mall located in south Mumbai, into a sophisticated residential complex. The mall, previously known as Crossroads, has stood since the late 1990s in the esteemed Haji Ali locality, sprawling across 1.3 acres. The envisioned redevelopment aims to erect a striking 50-storey edifice offering panoramic sea views and boasting a potential development area of nearly 250,000 sq ft. Projections based on prevailing property rates suggest a revenue upwards of Rs 2,000 crore for the project.
The acquisition of the property, previously owned by Kishore Biyani’s Bansi Mall Management Company, was finalized by K Raheja Corp for Rs 476 crore. This transaction facilitated the settlement of debts owed by the former owner to creditors, led by Canara Bank. With this acquisition, K Raheja Corp has gained ownership of the mall along with its 150,000 sq ft leasable space.
Positioned amidst the affluent locales of Carmichael Road, Pedder Road, and Altamount Road, often dubbed as India’s Billionaires’ Row, this redevelopment project stands as one of the significant plots in the area. Unlike its smaller counterparts, which typically host housing society redevelopment ventures, this project promises an upscale residential experience.
K Raheja Corp's recent collaboration for the development of a 2.5-acre land parcel in Worli further underscores its commitment to luxury real estate. The proposed luxury residential project in Worli, estimated to yield over Rs 2,000 crore in revenue, reflects the developer's strategic expansion and emphasis on catering to the burgeoning demand for high-end properties.
The surge in demand for luxury housing, particularly evident in Mumbai's upscale neighborhoods like south Mumbai and Worli-Prabhadevi, has prompted realty developers to innovate and introduce premium offerings. With a focus on contemporary designs, world-class amenities, and personalized services, developers aim to meet the discerning preferences of affluent homebuyers, tapping into the lucrative luxury housing market.