Two south Mumbai land parcels, including Tardeo’s Bayside Mall, sold for ₹355 crore

Two land parcels, one of which is Bayside Mall, in south Mumbai’s Tardeo, have been bought by Ivory Property Trust

MUMBAI: Two land parcels, one of which is Bayside Mall, the popular retail space opposite the city’s first mall, Crossroads, in south Mumbai’s Tardeo, have been bought by Ivory Property Trust for ₹355 crore.

Mumbai, India – Dec 04, 2024: A view of Bayside Mall, at Tardeo, in Mumbai, India, on Thursday, Dec 04, 2024. (Photo by Bhushan Koyande/HT Photo)

The Ivory Property Trust, linked to developer K Raheja Corp., is involved in buying shareholdings in companies as well as purchase and sale of real estate.

As per documents accessed through CRE Matrix, a real estate data analytics firm, Ivory Property Trust bought Bayside Mall, having an area of 1,216.29 sq m, and Popular Press Building, with an area of 1,070.24 sq m, from AAA Holding Trust. The combined area measures up to 2,286.53 sq m (or 24,612 sq ft).

The deal between Ivory Property Trust and AAA Holding Trust was finalised at ₹15,52,571 per sqm (or ₹ 1,44,239 per sq ft), and a stamp duty of ₹21.30 crore was paid.

Presently, both the structures - Bayside Mall and Popular Press Building - wear a desolate look with the facades being removed. Soon, the structures will also be demolished.

Sources said there is a possibility of either a retail or commercial space coming up over the next few years. However, Ivory Property Trust and K Raheja Corp’s spokesperson declined to comment.

Mahim land deal

In another land deal, Suraj Estate Developers, a listed company, has purchased a 1,464 sq m of vacant plot at Senapati Bapat Marg, Mahim West, for ₹101 crore. Earlier, the same company had bought the adjacent vacant plot. The combined plot size measures up to about 3,000 sq m. A commercial building is likely to be built here.

“Looking at the growing demand for commercial spaces, given the strategic location of the land, we are confident about the project’s success,” said Rahul Thomas, executive director, Suraj Estate Developers. Both plots together are estimated to have a saleable area of 2.10 lakh sq ft.