K RAHEJA TARDEO (BAYSIDE MALL & POPULAR PRESS REDEVELOPMENT) — New Project Coming Up in Tardeo, Mumbai
K Raheja Acquires Two Historic Tardeo Properties
K Raheja Corp has acquired two prime properties in South Mumbai's Tardeo locality through its investment arm Ivory Property Trust, finalizing the deal on August 13, 2024, marking a significant strategic expansion in the upmarket South Mumbai real estate market.
The Properties
Bayside Mall is a three-story structure on a one-third acre plot with a total built-up area of 17,345 sq ft, originally comprising 105 units and now 75 units following consolidation. Adjacent to Bayside Mall, the Popular Press Building, one of India's early landmark commercial structures, adds historical significance to the acquisition and spans more than one-fourth of an acre with a ground-plus-two-story configuration.
The acquisition was valued at more than ₹355 crore, with payments made in tranches: an initial ₹120 crore during registration, a second ₹120 crore on August 22, and a final ₹115 crore.
Redevelopment Vision
K Raheja Corp intends to transform the combined land into a high-end luxury residential project, leveraging Tardeo's status as one of Mumbai's most sought-after neighborhoods. The area's proximity to commercial hubs and upscale amenities make it an ideal location for premium developments.
About Tardeo
Tardeo is an elite residential and commercial locality of South Mumbai, running from Nana Chowk to Haji Ali Junction. The first retail mall in Mumbai, today known as Brand Factory, can be found in this neighborhood, while the recognisable Imperial Towers, which were once the tallest residential structures in the country, grace the skyline.
K Raheja Corp's South Mumbai Strategy
K Raheja Corp is prioritizing aggressive growth of its residential property business, with 30-40 projects underway in Mumbai and Pune across premium, luxury, and ultra-luxury segments. This is not the first high-profile acquisition by K Raheja Corp this year; earlier, the company purchased Central Mall (previously Crossroads), India's first shopping mall, for ₹476 crore.
K Raheja Corp, founded in 1956, is a property developer with interests in commercial and residential projects, malls and hospitality across multiple cities in India.