Spread over 1.3 acres in prime Haji Ali locality, the mall is expected to make way for an around 50-storey sea-view superstructure with nearly 250,000 sq ft development potential.
The Sobo Central mall was run by Future Group Promoter Kishore Biyani s firm, and was opened in the late 1990 s. Named as Crossroads Mall, it was one of the preferred destination for shopping and socialising at the time
K Raheja Corp buys Sobo Central for ₹476 cr under debt resolution scheme thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
Lenders had initiated SARFAESI proceedings to recover their dues totalling ₹571 crore from the company but they received no bids until the end of the auction deadline on Monday at a reserve price of ₹500 crore.
Lenders to Bansi Mall Management Co Pvt Ltd (BMMCPL), which owns SOBO Central Mall in Mumbai s Haji Ali area, have initiated Sarfaesi proceedings to recover their dues totalling Rs 571 crore.