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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