India’s prominent real estate developer, K Raheja Corp, is set to transform SOBO Central Mall, India’s first mall, into an exclusive luxury residential project. This iconic mall, formerly known as Crossroads, occupies a prime 1.3 Acres area in Haji Ali, Mumbai.
The redevelopment envisions a 50-story sea-view luxury tower with a staggering development potential of nearly 250,000 SqFt. It is estimated to yield a revenue of over INR 2,000 Crore. The SOBO Central Mall was established in the late 1990s in the bustling heart of south Mumbai. Furthermore, K Raheja Corp recently acquired the property for INR 476 Crore from its previous owner, Kishore Biyani’s Bansi Mall Management Company.
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Notably, K Raheja Corp has also agreed to jointly develop an anticipated 2.5 Acres land parcel in Mumbai’s Worli into another luxury residential project, with a revenue potential exceeding INR 2,000 Crore. In this venture, K Raheja Corp will receive 57% of the revenue share, while the remaining 43% will go to the landlord.
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Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article, please email editor@biltrax.com.
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