K Raheja Corp buys Prime Properties in Mumbai's Posh area for Rs. 355 crore

According to documents obtained by CRE Matrix, K Raheja Corp paid Rs. 355 crore to AAA Holding Trust for two prestigious buildings in Mumbai's exclusive Tardeo neighborhood: the Popular Press Building and Bayside Mall.

The land size of Popular Press is 1070.24 square meters, whereas the Bayside Mall is 1216.29 square meters.

Documents provided by the real estate data analytics company revealed that Ivory Property Trust paid Rs. 21.30 crore in stamp duty for the August 13, 2024, purchase.

According to the Agreement for Sale paperwork, the Popular Press building has ground, first, and second levels, including the garage, while the Bayside mall site and building has a basement, ground floor, and two upper storeys.

K Raheja Corporation did not respond. It was not possible to contact AAA Holding Trust.

As part of a debt resolution strategy for non-performing assets, K Raheja Corp Real Estate paid Rs. 476 crore earlier this year to purchase the land and buildings of Crossroad Condominium in Mumbai's Haji Ali neighborhood, which was formerly the location of Sobo Central Mall, which was owned by a Kishore Biyani company.

According to media sources at the time, the developer intended to turn SOBO Central Mall—formerly known as Crossroads, and possibly the nation's first mall—into an upscale residential development.

Due mostly to the limited number of new developments in the luxury housing market, wealthy Indians' desire for luxury and ultra-luxury residences increased in 2024.