For more than Rs 355 crore, real estate firm K Raheja Corp. purchased two prestigious properties: the Popular Press Building, which occupies more than half an acre in South Mumbai’s exclusive Tardeo neighbourhood, and Bayside Mall, one of India’s first shopping centres.
The AAA Holding Trust, directed by Jaydev Mody, sold these properties to the corporation through its Ivory Property Trust, which has paid Rs 21.30 crore in stamp duty to register the August 13 transaction.
Built on a third of an acre, Bayside Mall features two upper stories, a ground floor, and a basement. After some units were combined, the mall, which has a total built-up area of 17,345 square feet, currently comprises 75 units instead of the original 105.
Constructed on a quarter of an acre next to Bayside Mall, the Popular Press Building is a ground-plus-two-story building. According to documentation obtained through the data analytics company CRE Matrix, the buyer paid the full amount in installments, including the initial payment of Rs 120 crore when the deal was registered.
While the final tranche of Rs 115 crore was supposed to be paid on or before November 20, the deal’s closing date, Ivory Property Trust paid the second payment of Rs 120 crore to AAA Holding Trust on August 22.
ET’s separate email enquiries to AAA Holding Trust and K Raheja Corp had not received a response until the time of publication.
Founded in the late 2000s, Bayside Mall was first promoted as a convenient place for locals to buy. It still serves a specialised market with an emphasis on utility-driven products.
K Raheja Corp bought the nation’s first mall, Central Mall, from its previous owner, Kishore Biyani’s Bansi Mall Management Company, for Rs 476 crore. This is the second mall in south Mumbai that the company has acquired this year. Originally called Crossroads, this mall was established in south Mumbai in the late 1990s.
Source: ETRealty
