K Raheja Corp purchases SoBo Central Mall in South Mumbai for Rs 476 crore

SOBO Central Mall in South Mumbai was opened in the late 1990's was called Crossroads Mall and was one of the preferred destination for shopping and socialising at the time. (representational picture) Picture credits: Mehul R Thakkar

K Raheja Corp has purchased Sobo Central Mall in South Mumbai’s Haji Ali area for Rs 476 crore from Kishore Biyani's Bansi Mall Management Company (BMMCL), according to the property documents accessed by Propstack.com.

Biyani is known for his ventures like Pantaloon Retail, Big Bazaar, and the Future Group.

The mall comes along with land of 5,357 sq mtrs and the built up area of 9,873 sq mtrs followed by 1,579 sq mtrs of common area and facilities, according to the documents.

The transaction was registered on April 08, 2024 and at the total consideration value of Rs 476 crore.

The stamp duty for the transaction paid was Rs 28.56 crore and Rs 30,000 were towards registration charges.

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Mehul R Thakkar

Special Correspondent|Moneycontrol

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SoBo Central mall near Haji Ali was Mumbai and India's first shopping mall but reportedly, the owners were under financial stress as lenders led by Canara Bank were owed over Rs 700 crore.

The mall that was opened in the late 1990's was called Crossroads Mall and was one of the preferred destination for shopping and socialising at the time. However, it lost prominence as newer malls came throughout the city followed by shifting of population from south Mumbai to other parts of the city, including suburbs.

A query sent to K Raheja Corp did not get any response. BMMCL could not be reached for a comment.

Meanwhile, according to a report released by CBRE India, a real estate consultancy firm on April 10, estimated leasing in the retail sector is expected to sustain between 6-6.5 million sq. ft. in 2024, highlighting a stable supply environment for the retail sector in 2024 due to the completion of numerous high-quality mall developments.

In 2024, among the retail categories, the home décor segment is likely to expand in online and offline formats, while fashion and apparel players will continue expanding in tier-I cities across malls and high streets, the report said. In the year 2023, absorption of nearly 7.1 million sqft a 47 percent Y-o-Y growth in tier-I cities was reported.

The leasing activity in the retail space is driven by Bangalore, Delhi-NCR and Mumbai, with the three cities cumulatively accounting for nearly 61 percent share.