K Raheja Corp is turning the 1.3-acre Haji Ali site that once carried the Crossroads and Sobo Central names into a luxury residential project. The mall opened in the late 1990s and was India's first mall, so the redevelopment replaces a retail landmark with homes on one of the few large parcels in this part of South Mumbai.
Reports put the plan at a 50-storey sea-view tower with nearly 250,000 sq ft of development potential, and an estimated revenue of more than Rs 2,000 crore. The developer acquired the property for Rs 476 crore from a Kishore Biyani-linked entity, Bansi Mall Management Company, which is the purchase that anchors the project.
K Raheja Corp was founded in Mumbai in 1956 and is headquartered at Raheja Tower in Bandra Kurla Complex. The group runs office parks, residences, hotels, malls and retail, and its commercial arm under the Mindspace and Commerzone brands has developed over 54 million sq ft of Grade-A office space. The group describes its approach as build-and-hold rather than build-and-sell, which shapes how it treats its assets over the long term.
Its residential division, K Raheja Corp Homes, says it has developed around 10 million sq ft across more than 30 projects. Mumbai projects in the portfolio include Raheja Vivarea and Raheja Modern Vivarea in Mahalaxmi, which sit within a short distance of the Haji Ali site, along with Raheja Artesia in Worli and Maestro and Valletta in Juhu. That cluster of South and Central Mumbai addresses is the immediate reference point for a buyer evaluating the Haji Ali tower.
The group's South Mumbai footprint extends beyond this one site. It paid Rs 355 crore for the Popular Press Building and Bayside Mall in the Tardeo neighbourhood, and it has agreed to jointly develop a 2.5-acre parcel in Worli in which it receives 57% of the revenue share. Taken together, these deals show a developer concentrating its residential and mixed-use activity on the Mumbai's southern waterfront corridor.
The Haji Ali interchange on the Mumbai Coastal Road has eight vehicular arms, and a direct high-speed connector from Haji Ali to Marine Drive has opened to traffic. The Bandra-Worli Sea Link, which was completed in 2009, cut the Bandra to Worli journey from 45 to 60 minutes down to about 7 minutes, and the Coastal Road northbound arm has shortened Bandra to Marine Drive travel to roughly 10 to 12 minutes.
Mahalaxmi railway station on the Western Line is the nearest suburban rail access, and Dr E Moses Road and the Western Express Highway serve the neighbourhood. The Haji Ali section of the Coastal Road has no metro station within walking distance, so residents typically combine a short cab or walk with the Aqua Line stations at Worli or Mumbai Central, about 10 to 15 minutes on foot from Mumbai Central towards Haji Ali Junction. Chhatrapati Shivaji International Airport is about 23 km from the Tardeo stretch that runs to Haji Ali Junction.
The locality is anchored by the Haji Ali Dargah, the Mahalaxmi Temple and the Mahalaxmi Racecourse, and the Worli Sea Face promenade is a short distance south. The Coastal Road promenade's Haji Ali section is quieter than the Worli end, which suits early-morning walkers and runners. Lower Parel's business district, including its hotels and dining, is reachable along the Dr E Moses Road corridor.
Locality data from NoBroker puts the average property rate in Haji Ali at around Rs 82,742 per sq ft as of December 2025, and reports 3-year property price growth of about 32%. Average monthly rents are listed at around Rs 30,000 for a 1 BHK, Rs 47,500 for a 2 BHK and Rs 65,000 for a 3 BHK. These are locality-wide figures and not pricing for the K Raheja Corp tower itself.
Demand in the area is driven by proximity to employment hubs, entertainment zones and religious sites, which the same locality data identifies as the main reasons for active rental interest. For a buyer weighing a K Raheja Corp home here, that combination of central location, sea frontage and strong rental demand is the core of the case.