K Raheja Corp has acquired Sobo Central Mall located in the Haji Ali area of South Mumbai for a sum of Rs.476 crore from Bansi Mall Management Company (BMMCL), owned by Kishore Biyani. They received this fund as part of a debt resolution plan for non-performing assets. This has helped Biyani to settle his dues to lenders.
Based on the records presented by Propstack, a data analytics company, it has been revealed that Bansi Mall Management Company, which is owned by Kishore-Biyani, sold the mall property to K Raheja Corp. The transaction was officially registered earlier this week. Biyani is also renowned for his ventures like Pantaloon Retail, Big Bazaar, and the Future Group.
The total area of the plot is 5,357 square meters, while the built-up area, which includes common areas and facilities, is 11,453 square meters.
The transaction was officially recorded on April 08, 2024, with a total consideration value of Rs. 476 crore. The stamp duty paid for the transaction amounted to Rs.28.56 crore, while an additional Rs. 30,000 were allocated for registration charges.
The stamp duty paid for the transaction amounted to Rs. 28.56 crore, with an additional Rs.30,000 allocated for registration charges.
SoBo Central mall, located near Haji Ali in Mumbai, was the first shopping mall in both Mumbai and India. However, it has been reported that the owners are facing financial difficulties, with lenders such as Canara Bank claiming over Rs.700 crore in dues.
Crossroads Mall, which opened in the late 1990s, was once a favored shopping and socializing destination. However, as newer malls emerged across the city and the population shifted from south Mumbai to other areas, including the suburbs, its prominence diminished.
CBRE India, a real estate consultancy firm, recently published a report on April 10th. According to this report, the estimated leasing in the retail sector is projected to remain steady at around 6-6.5 million sq. ft. in 2024. This indicates a stable supply environment for the retail sector, which can be attributed to the completion of several high-quality mall developments.
In 2024, the home décor segment is forecasted to experience growth in both online and offline formats within the retail categories, while fashion and apparel brands are anticipated to continue expanding in tier-I cities through malls and high streets. The report highlighted a 47% year-on-year growth in absorption of nearly 7.1 million sqft in tier-I cities in 2023.
The leasing activity in the retail sector is predominantly influenced by Bangalore, Delhi-NCR, and Mumbai, with these three cities collectively holding a 61% share.
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