Realty developer K Raheja Corp has acquired two prime properties—Bayside Mall and Popular Press Building—in South Mumbai’s plush Tardeo locality for a total consideration of over ₹355 crore.
As published by The Economic Times, the acquisitions were made through K Raheja Corp’s Ivory Property Trust, which finalized the deal with Jaydev Mody-led AAA Holding Trust.
The transaction involved a stamp duty payment of ₹21.3 crore, with the deal registered on Aug. 13. The buyer structured the payment in three tranches, with the first ₹120 crore paid during the registration process. The second tranche of ₹120 crore was disbursed on Aug. 22, while the final installment of ₹115 crore was scheduled to be paid by Nov. 20.
Bayside Mall, one of India’s earlier shopping centers, occupies a one-third-acre plot in Tardeo. The property features a basement, a ground floor, and two upper floors, offering a built-up area of 17,345 square feet. Initially comprising 105 retail units, the mall now houses 75 units following an amalgamation of some spaces. Historically, the mall was marketed as a convenient shopping destination for local residents and continues to cater to a niche audience with utility-focused offerings.
Adjacent to Bayside Mall, the Popular Press Building spans over a quarter-acre and features a ground floor plus two upper stories. Its strategic location next to Bayside Mall enhances its redevelopment potential, with opportunities for integration into future projects.
This marks K Raheja Corp’s second major acquisition in South Mumbai this year. Earlier, the company purchased Central Mall in the Haji Ali area for ₹476 crore from Bansi Mall Management Company, formerly owned by Kishore Biyani. Known as India’s first mall during its earlier incarnation as Crossroads, the Central Mall property spans 1.3 acres and is expected to be redeveloped into a 50-story sea-view superstructure with a development potential of approximately 250,000 square feet.
Property consultants estimate that the Haji Ali redevelopment could generate over ₹2,000 crore in revenue, given the prevailing property prices in the area.
K Raheja Corp is expected to leverage the redevelopment potential of these properties to meet the rising demand for luxury housing in Mumbai. The country’s financial capital has witnessed a surge in high-value transactions over the past two years, particularly in South Mumbai’s upscale neighborhoods like Tardeo and Worli-Prabhadevi.
Developers are increasingly acquiring land parcels outright or through joint ventures, as well as redeveloping housing societies, to capitalize on the booming luxury market. This trend reflects growing interest from affluent buyers seeking exclusive homes and premium commercial spaces.
While specific redevelopment plans for Bayside Mall and Popular Press Building have not been disclosed, industry experts speculate that the properties may be transformed into a blend of high-end retail and luxury residential projects. The strategic location of both assets offers immense potential for developers to create landmark properties in Mumbai.
Redevelopment of these properties aligns with K Raheja Corp’s broader strategy to focus on prime urban locations. By investing in South Mumbai, the company aims to strengthen its portfolio and tap into the lucrative luxury real estate market.
With these acquisitions, K Raheja Corp continues to build on its legacy of delivering premium real estate projects, positioning itself as a leader in India’s property sector.