Two days after K Raheja Corp purchased Sobo Central Mall in South Mumbai’s Haji Ali from Bansi Mall Management Company (BMMCL), owned by retail giant Kishore Biyani, the company is yet to decide about how to develop the property situated in the prime area. Biyani is known for ventures like Pantaloon Retail, Big Bazaar, and the Future Group.
Reportedly, K Raheja Corp purchased the mall for Rs 476 crore while the stamp duty for the transaction was Rs 28.56 crore besides Rs 30,000 as registration charges.
Situated on the land measuring 5,357 sq mt, the mall has built up area of 9,873 sq mt along with 1,579 sq mt of common area and facilities, according to the reports. The transaction was registered on April 8.
Corporate Silence Amidst Property Acquisition And Crossroads Mall's Historical Significance
When contacted, the corporation refused to comment on any development as regards the property.
SoBo Central mall, popularly known as Crossroads, was Mumbai and India’s first shopping mall. They had to sell the property since they were reportedly under financial stress and owed over Rs 700 crore to a nationalised bank.
Evolution Of Crossroads Mall And Recent Trends In Indian Real Estate Investments
Inaugurated in the 1990s, the mall was among the preferred shopping destinations and also socialising point for the people. With newer malls flourishing in the city, Crossroads lost its prominence.
According to real estate watchdog Colliers, institutional investments in the Indian real estate sector touched USD 1.0 billion in the first quarter of 2024, signalling a steady and positive start to the year. While this was a 40% drop on annual basis, India’s real estate investments showed improvement on a sequential basis registering a 21% QoQ rise.
