K Raheja Corp buys two SOBO properties including Bayside Mall for Rs 355 cr
K Raheja Corp has acquired two prime properties including Bayside Mall, one of the early shopping malls of India, and Popular Press Building spread over more than half an acre in south Mumbai’s plush Tardeo locality for over Rs 355 crore.
The company has bought these properties through its Ivory Property Trust from Jaydev Mody-led AAA Holding Trust. Ivory Property Trust has paid stamp duty of Rs 21.30 crore for the registration of the deal that took place on August 13.
Bayside Mall has a basement, ground and two upper floors built over one-third of an acre. The mall, with a total built-up area of 17,345 sq ft, earlier had 105 units but now has 75 units following the amalgamation of certain units.
Popular Press Building is a ground plus two-storey structure built over more than one-fourth of an acre adjacent to Bayside Mall. The buyer has paid the entire consideration in tranches, including the first tranche of Rs 120 crore at the time of registration of the deal, showed documents accessed through data analytics firm CRE Matrix.
Ivory Property Trust has paid the second tranche of Rs 120 crore to AAA Holding Trust on August 22, while the final tranche of Rs 115 crore was expected to be paid on or before November 20, the closing date for the deal’s conclusion.
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