K Raheja Corp to Transform Mumbai's First Mall into a 50-Storey Luxury Residential Tower

K Raheja Corp has embarked on an ambitious redevelopment project to transform Sobo Central Mall—Mumbai’s first mall—into a high-end luxury residential tower. Located in the prime Haji Ali area of South Mumbai, the site, originally known as Crossroads and started in the late 1990s, covers 1.3 acres. It is set to be redeveloped into a 50-storey sea view tower with nearly 250,000 sq ft of development potential. The project is estimated to generate over ₹2,000 crore in revenue.

The property was recently acquired for ₹476 crore from its former owner, Kishore Biyani's Bansi Mall Management Company, after a bidding process where the creditors led by Canara Bank had initially received an offer of ₹475 crore. However, Biyani's subsequent offer of ₹476 crore was accepted, allowing him to settle the creditors.

This development is situated among some of the most prestigious addresses in India, known as Billionaires' Row, including Carmichael Road, Pedder Road, and Altamount Road. It stands out as one of the larger plots in an area that typically features smaller housing society redevelopment projects.

In a separate but related development, K Raheja Corp has entered into an agreement to develop a 2.5-acre land parcel in Mumbai’s Worli into another luxury residential project, anticipated to bring in revenue of more than ₹2,000 crore. For this joint development, K Raheja Corp will retain a 57% revenue share, with the remaining 43% allocated to the landlord.

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

Developers are responding by introducing properties that feature innovative designs, world-class amenities, and bespoke services to cater to the evolving tastes of affluent buyers. The strategic redevelopment of Sobo Central Mall underscores K Raheja Corp's commitment to enhancing Mumbai’s luxury real estate landscape, promising to deliver elite living experiences that match the city’s cosmopolitan ethos.