Real estate developer K Raheja Corp is planning to redevelop SOBO Central Mall in Mumbai into a high-end luxury residential project. The redevelopment plan for the mall spread over 1.3 acres in prime Haji Ali locality in South Mumbai will create around 50-storey sea-view superstructure with nearly 2,50,000 sq. ft. development potential. The project is estimated to yield more than Rs 2,000 crore in revenue.

The developer is expected to finalise the entire plan. It recently acquired the property for Rs 476 crore from its erstwhile owner Kishore Biyani’s Bansi Mall Management Company. 

In a recent deal, K Raheja Corp will jointly develop a 2.5-acre land parcel in Worli into a luxury residential project with revenue potential of more than Rs 2,000 crore. The developer’s residential platform and the landlord finalised a structure for the proposed joint development, wherein K Raheja Corp will get 57 percent revenue share.

Over the past two years, the Indian luxury housing market has witnessed a surge in demand and sales activity across eight major cities. Realty developers have been capitalising on the demand for luxury properties, by introducing innovative designs, world-class amenities and bespoke services.