K RAHEJA SOBO CENTRAL RESIDENCES (HAJI ALI MALL REDEVELOPMENT) — New Project Coming Up in Haji Ali, Mumbai

Sobo Central: From Iconic Mall to Luxury Tower

K Raheja Corp plans to transform Sobo Central Mall into a luxury residential project. The mall, previously identified as Crossroads, commenced operations in the late 1990s in South Mumbai. Sobo Central was Mumbai and India's first shopping mall.

Project Scope

Spanning 1.3 acres in Haji Ali, the redevelopment is anticipated to create an approximately 50-storey sea-view edifice with a development area of nearly 250,000 sq ft. Given current property rates in the vicinity, the project is anticipated to yield revenue exceeding Rs 20 billion.

Location and Context

The development is situated among some of the most prestigious addresses in India, known as Billionaires' Row, including Carmichael Road, Pedder Road, and Altamount Road. The completion of Mumbai Coastal Road and Metro Line 3 enhances property values by improving connectivity and increasing accessibility to major business hubs.

Acquisition and Developer Background

K Raheja Corp purchased the mall for Rs 476 crore. The developer procured the property from Kishore Biyani's Bansi Mall Management Company.

K Raheja Corp has been creating a track record for over 40 years. The residential business spans multiple projects in Mumbai, Pune and Hyderabad, including luxury projects like Artesia and Vivarea.

Market Context

The Indian luxury housing market has seen a significant uptick in demand across the nation's top cities in the past two years, with Mumbai emerging as the frontrunner, particularly in upscale areas of South Mumbai and the Worli-Prabhadevi region.